Master budgets

E22-27 (similar to) Graham Company projects the following sales for the first three months of the year: $12,400 in January, $11,600 in February; and $11,100 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. Total cash receipts from customers 5 11.160 $ 11,680 $ 11,150 $ 33,990 Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April S 1,110 Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 15% in the month following the sale, and 25% in the second month following the sale. 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 January February March Total Total sales 12,400 11,600 11,10 35,100 January February March Total Cash Receipts from Customers: 1 Requirements Accounts Receivable balance, January 1 January-Cash sales 9,920 January-Credit sales, collection of January sales in January 1.488 Prepare a schedule of cash receipts for Graham for January, February, and January-Credit sales, collection of January sales in February 372 March. What is the balance in Accounts Receivable on March 31? January-Credit sales, collection of January sales in March 620 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 15% in the month following the sale, and February-Cash sales 9,280 25% in the second month following the sale. What is the balance in Accounts Receivable on March 31? February-Credit sales, collection of February sales in February .392 February-Credit sales, collection of February sales in March 348 Print Done March-Cash sales 3,880 March-Credit sales, collection of March sales in March 1,332 Total cash receipts from customers 1.408 11,044 11.180 33,632 Accounts Receivable balance, March 31: Credit sales, collection in April and May 1.468 Enter any number in the edit fields and then click Check Answer. ? Final Check