Paperclip Company's budget committee provides the following information: (Click the icon to view the information.) Read the requirements Requirement 1. Prepare the schedule of cash receipts from customers for January and February 2024. Assume cash receipts are 60% in the month of the sale and 40% in the month following the sale. Paperclip Company Budgeted Cash Receipts from Customers Two Months Ended February 28, 2024 January Data table February Current month sales, 60% December 31, 2023, account balances: Prior month sales, 40% Cash $ 20,000 Accounts Receivable 20,000 Total cash receipts 24,000 11.500 2,750 Merchandise Inventory Accounts Payable Salaries and Commissions Payable Budgeted amounts for 2024 Sales, all on account Purchases, all on account Commissions Expense Salaries Expense Rent Expense Depreciation Expense Insurance Expense Income Tax Expense January February $ 85,000 $ 85,300 40,500 41.900 4,265 4,250 4,000 4.000 2,600 2,600 600 600 400 400 1,600 1,600 Print Done