Elwood Company projects the following sales for the first three months of the year: $10,600 in January; $10,100 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 January Februa ryMarch Total Total sales 10600 10100 14100 34800 January February March Total Cash Receipts from Customers ounts 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