MaynardCompany projects the following sales for the first three months of theyear:$15,800in January;$13,800in February;and $11,100in March. The company expects 60%of the sales to be cash and the remainder on account. Sales on account are collected50% in the month of the sale and50% in the following month. The Accounts Receivable account has a zero balance on January1. Round to the nearest dollar.

Requirement 1. Prepare a schedule of cash receipts for Maynardfor January,February,and March. What is the balance in Accounts Receivable on March31?

Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 70%in the month of thesale, 20%in the month following thesale, and 10%in the second month following the sale. What is the balance in Accounts Receivable on March (Leave unused and zero balance account cellsblank, do not enter"0".)