Elwood Company projects the following sales for the first three months of the year. $10,600 in January: $13,800 in February, and $14,100 in March. The company expects 60% 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, 10% in the month following the sale, and 20% 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.) January February March Total January 10,000 $13,800 $14,100 $ February March 38.500 Total Cash Receipts from Customers Total sales Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales 6.360 January-Credit sales, collection of January sales in January 2.968