Marcel Company projects the following sales for the rst three months of the year: $10,600 in January; $10,200 in February; and $10,500 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 muirements. 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 eld is not used, leave the input eld empty. Do not enter a zero.) Cash Receipts from Customers January February March Total Total sales $ 10,600 $ 10.200 $ 10,500 $ 31,300 January February March Total Cash Receipts from Customers: Accounts Recelvable balance. January 1 JanuaryCash sales $ 8,480 JanuaryCredit sales, collection of January sales in January 1,060 l JanuaryCredit sales, collection of January sales in February | $ 1,060 | 8,160 | 1,020 $ 1,020 MarchCash sales I 8,400 MarchCredit sales, collection of March sales in March | 1,050 Total cash receipts from customers m lm W W Accounts Receivable balance, March 31: MarchCredit sales, collection of March sales in April $ 1,050 Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 70% in the month of the sale, 25% 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? (If an input eld is not used, leave the input eld empty. Do not enter a zero.) Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 70% in the month of the sale, 25% 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? (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 $ 10,600 $ 10,200 $ 10,500 $ 31,300 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales $ 8,480 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 February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March Question Viewe March-Cash sales March-Credit sales, collection of March sales in March Total cash receipts from customers Accounts Receivable balance, March 31: Credit sales, collection in April and May