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. Cash Receipts from Customers \begin{tabular}{l} January-Cash sales \\ \hline January_Credit sales, collection of January sales in January \\ \hline January-Credit sales, collection of January sales in February \\ \hline February-Cash sales \\ \hline February-Credit sales, collection of February sales in February \\ \hline February-Credit sales, collection of February sales in March \\ \hline March_Cash sales \\ \hline March_Credit sales, collection of March sales in March \\ \hline Total cash receipts from customers \\ \hline \hline Accounts Receivable balance, March 31: \\ \hline March_Credit sales, collection of March sales in April \\ \hline \end{tabular} Requirements 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, 20% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on March 31