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Homework: Chapter M:7 Homework Save HW Score: 56.32%, 3.94 of 7 pts Score: 0 of 1 pt 4 of 7 (7 complete) Question Help . X EM7-26 (similar to) Marlin Company projects the following sales for the first three months of the year: $15.800 in January: $11,300 in February; and $14,100 in March. The company expects 80% 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 Marlin for January, February, and March. What is the balance in Accounts Receivable on March 31? (If an input field is not used, leave the input field empty. Do not enter a zero.) Cash Receipts from Customers March Total January February $ 15,800 $ 11.300 $ $ 14,100 Total sales 41,200 January February March Total 0 Requirements - X Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales 7.900 5,850 January-Credit sales, collection of January sales in January JanuaryCredit sales, collection of January sales in February February-Cash sales February-Credit sales, collection of February sales in February FebruaryCredit sales, collection of February sales in March March-Cash sales March-Credit sales, collection of March sales in March 1. Prepare a schedule of cash receipts for Marlin 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 80% 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? Print Done Total cash receipts from customers Accounts Receivable balance, March 31: , : March-Credit sales, collection of March sales in April = Enter any number in the edit fields and then click Check Answer. . ? 1 part remaining Clear All Check Answer Type here to search 8 a a 5:59 PM 3/24/2021