Master budgets

Homework: Week #4 Chapter #7 mayada yalda & | 07/08/20 5:47 PM Score: 0 of 1 pt Save E22-27 (similar to) 4 5 of 7 (4 complete) A HW Score: 45.85%, 3.21 of 7 p Question Help 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 . Requirement 1. Prepare a schedule of cash receipts for Graham 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 January February March Total Total sales 12,400 11.600 11,100 35.100 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 O January-Cash sales 9,920 Requirements X January-Credit sales, collection of January sales in January 1,240 January-Credit sales, collection of January sales in February 1,240 February-Cash sales 9,280 . Prepare a schedule of cash receipts for Graham for January, February, and March. What is the balance in Accounts Receivable on March 31? February-Credit sales, collection of February sales in February 1,160 2. Prepare a revised schedule of cash receipts if receipts from sales on account February-Credit sales, collection of February sales in March 1,160 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 March-Cash sales 8,880 Receivable on March 31? March-Credit sales, collection of March sales in March 1,110 Total cash receipts from customers 11,160 11.680 11,150 33,990 Print Done Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April 1, 110 Enter any number in the edit fields and then click Check Answer. Check Answer part Clear All remaining MacBook Pro