Mason Company projects the following sales for the first three months of the year: $16,700 in January $12,200 in February; and $10,400 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 dollar.

Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 25% in the month following the sale, and 15%in the second month following the sale. What is the balance in Accounts Receivable on March 31?

NOU U yumoments Total sales $ $ 16,700 January $ 12,200 February $ 10,400 March 39,300 Total 10,020 3,340 $ 1,670 $ 1,002 Cash Receipts from Customers: Accounts Receivable balance, January 1 January--Cash sales January Credit salcollection 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 Total cash receipts from customers 7,320 2,440 1,220 6,240 2,080 13,360 10,542 35,332 Accounts Receivable balance, March 31: Credit sales, collection in April and May Enter any number in the edit fields and then click Check Answer. All parts showing Clear All