Mason Company projects the following sales for the first three months of the year: $11,500 in January; $11,600 in February; and $14,100 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 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 January February March Total Total sales $ 14,100 $ 37,200 $ 11,500 $ 11,600 January February Requirements March Total $ 9,200 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, 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? 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 FebruaryCash sales FebruaryCredit sales, collection of February sales in February FebruaryCredit sales, collection of February sales in March MarchCash sales MarchCredit sales, collection of March sales in March 9,280 Print Done 11,280 Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April