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Mason Company projects the following sales for the first three months of the year The numbers that are entered in the white boxes are the
Mason Company projects the following sales for the first three months of the year
The numbers that are entered in the white boxes are the ones i typed
Mason Company projects the following sales for the first three months of the year: $11,200 in January; $11,600 in February, and $12,900 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. 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? (Leave unused and zero balance account cells blank, do not enter "0".) Cash Receipts from Customers Total Total sales January 11200 January January February 11600 February 1 2900 March Total 6720 2240 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 March-Credit sales, collection of March sales in March 4640 Total cash receipts from customers Accounts Receivable balance, March 31: MarchCredit sales, collection of March sales in April Enter any number in the edit flelds and then click CheckStep by Step Solution
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