E22-26 (similar to) Question Help Marcel Company projects the following sales for the first three months of the year: $11,200 in January; $11,300 in February; and $10,400 in March. The company expects 80% of the sales to be cash and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in the following month. The Accounts Receivable account has a zero balance on January 1. Round to the nearest dollar. Read the requirements. Requirement 1. Prepare a schedule of cash receipts for Marcel for January, February, and March. What is the balance in Accounts Receivable on March 31? (Leave unused and zero balance account cells blank, do not enter "O".) Cash Receipts from Customers January February March Total Requirements Total sales 11200 11300 10400 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 JanuaryCash sales 1. Prepare a schedule of cash receipts for Marcel for January, February, and March. What is the balance in Accounts Receivable on March 31? 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 70% in the month of the sale, 20% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on March 31? JanuaryCredit sales, collection of January sales in January JanuaryCredit sales, collection of January sales in February FebruaryCash sales FebruaryCredit sales, collection of February sales in February FebruaryCredit sales, collection of February sales in March March-Cash sales Print Done March-Credit sales, collection of March sales in March Total cash receipts from customers Accounts Receivable balance, March 31: MarchCredit sales, collection of March sales in April