Elwood Company projects the following sales for the first three months of the year: $11,200 in January: $12,200 in February; and $11,100 in March. The company expects 80% of the sales to be cash and the remainder on account. Sales on Requirement 1. Prepare a schedule of cash receipts for Elwood for January, February, and March. 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 Total sales Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February Cash sales February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March March-Cash sales March-Credit sales, collection of March sales in March Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April January February March Total January February March Total