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Graham Company projects the following sales for the first three months of the year: $10,690 in January: $15,900 in February, and $15,000 in March. The
Graham Company projects the following sales for the first three months of the year: $10,690 in January: $15,900 in February, and $15,000 in March. The company cxpects 80% of the sales to be cash and the remainder on account. Sales an account are collected 50% in the month of the Sale and !0in the tollcaving month. The Accounts Receivable ancount has a zem hanc on January 1. Round to the nearest dollar. Read the recurements Requirement 1. Prepare a schedule of cash receipts for Graham for January, February, and March. What is the balance in Accounts Receivable on March 317 (If an input field is not used, leave the input field empty. Do not enter a zero.) Cash Receipts from Customers January February March Total 1050X1 15500 Total sales 15400 428 January February March Total Requirements Cash Recipts from Customers: Accounts Receivable balance, January 1 January-Cash sales JanuaryCredit sales, collection of January sales in January January-Oradt sales, collection of January sales in February Fabruary-Cash sales February Credit sales, collection of February sales in February February Credit sales, collection of February sales in March MarchCash Bales March-Credit sales, collection of March sales in March 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 70% in the month of the sale, 20% in the month following the sale, and 10% in the second inonth following the sale. What is the balance in Accounts Receivable on March 312 Print Done Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit Bales, collection of March sales in Apri
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