Mason Company projects the following sales for the first three months of the year: $11,200 in January, $10,200 in February; and $12,800 in March. The company expects 70% 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 Cash Receipts from Customers: Requirement 1. Prepare a schedule of cash receipts for Mason for January, February, and March. What is the balance in Accounts Receivable on March 317 (If an input field is not used, leave the input field empty. Do not enter a zero.) Cash Receipts from Customers Total sales January 11200 February March Total January 10200 February 12800 34200 March Total 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 February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March March-Cash sales March-Credit sales, collection of March sales in March Total cash receipts from customers Accounts Receivable balance, March 31 March-Credit sales, collection of March sales in April Accounts Receivable balance, March 31: Credit sales, collection in April and May ent 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 mont he 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 ente ceipts from C eipts from C Receivable b Cash sales. Credit sales, Credit sales, Credit sales, -Cash sales Credit sales Requirements 1. Prepare a schedule of cash receipts for Mason 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? -Credit sales ash sales redit sales, collection of March sales in March Print Done - X