Maynard Company projects the following sales for the first three months of the year. $11,200 in January; $15,900 in February; and $10,500 in March. The company expects 70% 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 fequirements Requirement 1. Prepare a schedule of cash receipts for Maynard 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 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 JanuaryCash sales JanuaryCredit sales, collection of January sales in January January-Credit sales, collection of January sales in February FebruaryCash sales February-Credit sales, collection of February sales in February FebruaryCredit sales, collection of February sales in March MarchCash sales March-Credit sales, collection of March sales in March Total cash receipts from customers Accounts Receivable balance, March 31: MarchCredit sales, collection of March sales in April i Requirements - X 1. Prepare a schedule of cash receipts for Maynard 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 60% in the month of the sale, 10% in the month following the sale, and 30% in the second month following the sale. What is the balance in Accounts Receivable on March 31? Print Done