Graham Company projects the following sales for the first three months of the year: $10,000 in January: $14,600 in February; and $14,100 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 Graham for January, February, and March. What is balance in Accounts Receivable on March 317 (1 an input field is not used, leave the input field empty. Do not enter a zero.) Cash Receipts from Customers February March Total January 10,000 Total sales 14.600) 14,1001 39,500 January February March Total 6,480 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 Accounts Receivable balance, March 31: MarchCredit sales, collection of March sales in April Enter any number in the edit fields and then click Check Answer ? 1 remaining Clear All Check Answer Graham Company projects the following sales for the first three months of the year. $10,800 in January: $14,600 in February, and $14,100 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 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 30% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on March 31? (If an input field is not used, leave the input field emply. Do not enter a zero.) Cash Receipts from Customers January February March Total Total sales January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales JanuaryCredit sales, collection of January sales in January January-Credit sales, collection of January sales in February January-Credit sales, collection of January sales in March February--Cash sales February Credil 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 balanco, March 31: Credit sales, collection in April and May Enter any number in the edit fields and then click Check Answer. All parts showing Clear All Check