Graham Company projects the following sales for the first three months of the year16,700 in January $12.200 in Februaryand $16,300 in MarchThe company expects 80% of the sales cash and the remainder on accounton 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

1. Prepare a schedule of cash receipts for Graham 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, 35% in the month following the sale, and 5 % in the second month following the sale. What is the balance in Accounts Receivable on March 31