Marcel Company projects the following sales for the first three months of the year: $11,200 in January: $12,300 in February; and $11,100 in March. The company expects 60% 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 collar. 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 Recepts from Customers January February March Total Total sales S S 11,200 $ 12,300 S 11,100 S 34,600 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales S S 6,720 January-Credit sales, collection of January sales in January 2,240 January-Credit sales, collection of January sales in February $ 2.240 February-Cash sales 7,380 FebruaryCredit sales, collection of February sales in February 2,460 February-Credit sales, collection of February sales in March S 2.460 MarchCash sales 6,660 MarchCredit sales, collection of March sales in March 2,220 S 8,960 $ 12.080 Total cash receipts from customers S 11,340 S 32,380 Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April S 2,220 Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% 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? (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 Total sales January February March Total 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 January-Credit sales, collection of January sales in March February Cash sales FebruaryCredit sales, collection of February sales in February February-Credit sales, collection of February sales in March March Cash sales MarchCredit sales, collection of March sales in March Total cash receipts from customers Accounts Receivable balance, March 31: Credit sales, collection in April and May