Mason Company projects the following sales for the first three months of the year: S14,300 in January: $12,200 in February; and $11,100 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. Requirement 1. Prepare a schedule of cash receipts for Mason 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 X February March Total Requirements January 14300 Total sales 12200 111001 37600 January February March Total 0 0 0 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 70% in the month of the sale, 20% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on March 312 10010 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 February--Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March MarchCash sales MarchCredit sales, collection of March sales in March Print Done Total cash receipts from customers Cash Receipts from Customers January February March Total Total sales 14300 12200 11100 37600 January February March Total Requirements Cash Receipts from Customers: Accounts Receivable balance, January 1 0 0 JanuaryCash sales 10010 JanuaryCredit sales, collection of January sales in January JanuaryCredit sales, collection of January sales in February 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 70% in the month of the sale, 20% 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? FebruaryCash sales FebruaryCredit sales, collection of February sales in February FebruaryCredit sales, collection of February sales in March MarchCash sales Print Done MarchCredit sales, collection of March sales in March Total cash receipts from customers Accounts Receivable balance, March 31: MarchCredit sales, collection of March sales in April Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 70% in the month of the sale, 20% 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? (lf 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 Requirements Cash Receipts from Customers: Accounts Receivable balance, January 1 JanuaryCash sales JanuaryCredit sales, collection of January sales in January JanuaryCredit sales, collection of January sales in February JanuaryCredit sales, collection of January sales in March 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 70% in the month of the sale, 20% 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? FebruaryCash sales FebruaryCredit sales, collection of February sales in February FebruaryCredit sales, collection of February sales in March Print Done MarchCash sales March-Credit sales, collection of March sales in March Total cash receipts from customers January February March Total Total sales January February March Total 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 70% in the month of the sale, 20% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on March 317 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 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 Print Done Total cash receipts from customers Accounts Receivable balance, March 31: Credit sales, collection in April and May