Exercise 21-18 Green Landscaping Inc. is preparing its budget for the first quarter of 2014. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end the following information has been collected Clients usually pay 60% of their fee in the month that service is provided, 30% the month after, and 10% the second month after receiving service Actual service revenue for 2013 and expected service revenues for 2014 are November 2013, $80,000; December 2013, $90,000; January 2014, $100,000; February 2014, $120,000; March 2014, $140,000 Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2013 and expected purchases for 2014 are December 2013, $14,000; January 2014, $12,000; February 2014, $15,000; March 2014, $18,000 Prepare the following schedules for each month in the first quarter of 2014 and for the quarter in total (1) Expected collections from clients. GREEN LANDSCAPING INC. Schedule of Expected Collections From Clients For the Quarter Ending March 31, 2014 Janua Februa March uarter November December January February March Total collections (2) Expected payments for landscaping supplies. GREEN LANDSCAPING INC Schedule of Expected Payments for Landscaping Supplies For the Quarter Ending March 31, 2014 Janua Februa March uarter December January February March Total payments Determine the following balances at March 31, 2014: (1) Accounts receivable. (2) Accounts payable Click if you would like to Show Work for this