One or more of the answers in Requirement 2 are wrong, please help me to correct it. Please make sure your answer is correct.
Avery Company projects the following sales for the first three months of the year: $14,300 in January: $15,900 in February; and $10,500 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 Avery 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 $ 14,300 $ 15,900 $ 10,500 $ 40,700 January February March Total $ 11,440 1,430 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 $ 1,430 12,720 1,590 $ 1,590 8,400 MarchCredit sales, collection of March sales in March 1,050 $ 12,870 | $ 15,740 Total cash receints from customers 11,040 39,650 $ 12,870 || $ 15,740 || $ 11,040 $ 39,650 Total cash receipts from customers Accounts Receivable balance, March 31: MarchCredit sales, collection of March sales in April 1,050 Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 30% 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? (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 14300 15900 10500 40700 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 JanuaryCash sales 8580 4290 JanuaryCredit sales, collection of January sales in January JanuaryCredit sales, collection of January sales in February 1430 JanuaryCredit sales, collection of January sales in March 858 Total sales 14300 15900 10500 40700 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 JanuaryCash sales 8580 4290 JanuaryCredit sales, collection of January sales in January JanuaryCredit sales, collection of January sales in February JanuaryCredit sales, collection of January sales in March 1430 858 FebruaryCash sales 9540 4770 FebruaryCredit sales, collection of February sales in February FebruaryCredit sales, collection of February sales in March 1590 MarchCash sales 6300 MarchCredit sales, collection of March sales in March 3150 12870 15740 11898 40508 Total cash receipts from customers Accounts Receivable balance, March 31: Credit sales, collection in April and May 2316
