Marcel Company projects the following sales for the first three months of the year: $10,600 in January; $11,600 in February; and $12,800 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 Marcel 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 Total sales January February March Total 10,600 $ 11,600 $ 12,800 $ 35,000 January Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales January-Credit sales, collection of January sales in January January-Credit sales, collection of January sales in February February-Cash sales FebruaryCredit sales, collection of February sales in February February-Credit sales, collection of February sales in March March-Cash sales $ 8,480 February March 1,060 $ 1,060 9,280 1,160 $ 1,160 10,240 1,280 Total March-Credit sales, collection of March sales in March 9,540 $ 11,500 $ 12,680 $ 33,720 Total cash receipts from customers Accounts Receivable balance, March 31: Requirements 1. Prepare a schedule of cash receipts for Marcel 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, 25% in the month following the sale, and 15% in the second month following the sale. What is the balance in Accounts Receivable on March 31? Print Done March-Credit sales, collection of March sales in April $ 1,280 Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 25% in the month following the sale, and 15% in the second month following the sale. 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 Total sales Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales January February March Total January February March $ 10,600 $ 11,600 $ 12,800 $ 35,000 Total $ 8,480