PA9. LO 7.3 Fitbands' estimated sales are: October $131,982 November 195,723 December 249,283 January 124,298 February 124,284 March 124,373 What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale? Solution Sales Jan. Feb. Mar. Page 8 of 14 OpenStax Principles of Accounting, Volume 2: Managerial Accounting Chapter 7: Budgeting Collections from November December January February March Cash collected Accounts receivable balance January February March Beginning balance Ending balance Sales Collections