Elwood Company projects the following sales for the first three months of the year: $12,400 in January; $10,200 in February; and $10,500 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. 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? (Leave unused and zero balance account cells blank, do not enter "O".) Cash Receipts from Customers January February March Total Total sales January February March Total i Requirements Cash Receipts from Customers: Accounts Receivable balance, January 1 JanuaryCash sales January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February FebruaryCash sales February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March 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, 30% 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? Print Done March-Cash sales March-Credit sales, collection of March sales in March Total cash receipts from customers