Elwood Company projects the following sales for the first three months of the year: $11,500 in January; $15,900 in February; and $10,400 in March. The company expects 80% 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 Recelvable account has a zero balance on January 1. Round to the nearest dollar. Read the cequirements. Requirement 1. Prepare a schedule of cash receipts for Elwood for January, February, and March. What is the balance in Accounts Receivablo on March 31 ? (If an input field is not used, leave the input field empty. Do not onter a zero.) Cash Receipts from Customers \begin{tabular}{|c|c|c|c|c|} \hline & January & February & March & Total \\ \hline \multicolumn{5}{|l|}{ Total sales } \\ \hline & January & February & March & Total \\ \hline \multicolumn{5}{|l|}{ Cash Receipts from Customers: } \\ \hline \multicolumn{5}{|l|}{ Accounts Receivable balance, January 1} \\ \hline \multicolumn{5}{|l|}{ January-Cash sales } \\ \hline \multicolumn{5}{|l|}{ January - Credit sales, collection of January sales in January } \\ \hline \multicolumn{5}{|l|}{ January - Credit sales, collection of January sales in Fobruary } \\ \hline \multicolumn{5}{|l|}{ February-Cash sales } \\ \hline February-Credit sales, collection of February sales in February & & & & \\ \hline \end{tabular} January-ureait sales, conecuon of vanuary sales in variuary 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