Mason Company projects the following sales for the first three months of the year: $14,300 in January; $10,100 in February; and $12,900 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.

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 60% in the month of the sale, 10% in the month following the sale, and 30% in the second month following the sale. What is the balance in Accounts Receivable on March 31?

Thank you!

Cash Receipts from Customers Cash Raceints from Cistnmars