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Elwood Company projects the following sales for the first three months of the year: $11,500 in January; $13,800 in February; and $11,100 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. Requirements 1. Prepare a schedule of cash receipts for Elwood 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, 15% 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? Elwood Company projects the following sales for the first three months of the year: $11,500 in January; $13,800 in February