Exercise 9-18 Green Landscaping Inc. is preparing its budget for the first quarter of 2017. 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 perf rmed, 30% the month after, and 10% the second month after receiving service Actual service revenue for 2016 and expected service revenues for 2017 are November 2016, $92,420, December 2016, $81,840; January 2017, $104,490; February 2017, $133,960. 121,040; March 2017, Purchases of landscaping supplies direct materials are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2016 and expected purchases for 2017 are December 2016, $19,070; January 2017, $17,680; February 2017, $17,810; March 2017, $21,720 Prepare the following schedules for each month in the first quarter of 2017 and for the quarter in total: (1) Expected collections from clients. GREEN LANDSCAPING INC Schedule of Expected Collections From Clients Quarter February January March November December January February March Total collections $ GREEN LANDSCAPING INC. Schedule of Expected Payments for Landscaping Supplies March Quarter January February January February March Total payments Determine the following balances at March 31, 2017: (1) Accounts receivables (2) Accounts payable