EM7-26 (similar to) Avery Company projects the following sales for the first three months of the year: $10,800 in January $14,600 in February, and $12,900 in March. The company expects 60% of the sales to be cash and the reminder 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 balan. on January 1. Round to the nearest dollar. Read the requirements Requirement 1. Prepare a schedule of cash receipts for Avery for January, February, and March. What is the balance in Accounts Receivable on March 317 (14an input field is not used, leave the input field empty. Do not enter a zero.) Cash Receipts from Customers February January Total March Total sales January February March Total bra Cash Receipts from Customers: Accounts Receivable balance, January 1 January--Cash sales January Credit sales collection of January sales in January ure ay Enter any number in the edit fields and then click Check Answer. ption: & axt - VI VIII I. NUUIRU U UU nearest donar Read the requirements January-Creon SS, CONQUE Or January sus ruuruary 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 a Libra Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April esource Study Enter any number in the edit fields and then click Check Answer you. WT0,000 January, $14,600 in February; and $12,900 in Ma sh and the remainder on account. Sales on account are collected 50% in the month of the sale and 50% in th a zero balance on January 1. Round to the nearest dollar OI Requirements X of 101 M 1. Prepare a schedule of cash receipts for Avery 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 31? rs Ma Print Done of M Ids and then click Check Answer. Chec Clear All