Elwood Company projects the following sales for the first three months of the year. $11,500 in January; $16,100 in February; and $10,500 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 1. Prepare a schedule of cash receipts for Elwood for January, February, and March. 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.)

Cash Receipts from Customers

Total sales

January

January

February

February

March

March

Total

Total

Cash Receipts from Customers:

Accounts 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

Requirements

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, 15% in the month following the sale, and 25% in the second month following the sale. What is the balance in Accounts Receivable on March 312

Accounts Receivable balance. March 31:

March-__Credit sales collection of March sales in April

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