Elwood Company projects the following sales for the first three months of the year: $13,500 in January, $11,600 in February, and $11,100 in March. The company expects 70% 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 January February March Total Total sales January February March Total - X Cash Receipts from Customers: Accounts Receivable balance, January 1 JanuaryCash sales Requirements January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February 1. Prepare a schedule of cash receipts for Elwood 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 60% in the month of the sale, 10% in the month following the sale, and 30% in the second month following the sale. What is the balance in Accounts Receivable on March 31? February-Cash sales FebruaryCredit sales, collection of February sales in February FebruaryCredit sales, collection of February sales in March MarchCash sales March-Credit sales, collection of March sales in March Print Done Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April