PA9. LO 7.3 Fitbands' estimated sales are: October November December January February March $131,982 195,723 249,283 124,298 124,284 124,373 00 OpenStax Principles of Accounting, Volume 2: Managerial Accounting Chapter 7: Budgeting 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. Collections from November December January February LOLO March Cash collected Accounts receivable Beginning Ending balance balance Sales Collections balance January February March