Elwood Company projects the following sales for the first three months of the year: $12,600 in January; $10,100 in February; and $13,400 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 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 70% in the month of the sale, 25% in the month following the sale, and 5% in the second month following the sale. What is the balance in Accounts Receivable on March 31? (If an input field is not used, leave the input field empty. Do not enter a zero.) Cash Receipts from Customers January February March Total Total sales 12600 10100 13400 36100 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 0 JanuaryCash sales 8820 JanuaryCredit sales, collection of January sales in January JanuaryCredit sales, collection of January sales in February JanuaryCredit sales, collection of January sales in March FebruaryCash sales FebruaryCredit sales, collection of February sales in February FebruaryCredit sales, collection of February sales in March March-Cash sales March-Credit sales, collection of March sales in March March-Cash sales MarchCredit sales, collection of March sales in March Total cash receipts from customers Accounts Receivable balance, March 31: Credit sales, collection in April and May