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= Homework: Chapter M:5 Homework Question 4, EM5-26 (sim... Part 2 of 2 HW Score: 83.85%, 5.87 of 7 points Points: 0.5 of 1 Save Marcel Company projects the following sales for the first three months of the year: 510,800 in January: $10,200 in February; and $13.400 in March. The company expects 70% 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. DISED Cash Receipts from Customers January February March Total Total sales 10800 10200 13400 34400 Requirements January February March Total 1. Prepare a schedule of cash receipts for Marcel 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 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? 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 January-Credit sales, collection of January sales in March February Cash sales FebruaryCredit sales, collection of February sales in February February-Credit sales, collection of February sales in March March Cash sales March-Credit sales, collection of March sales in March - Print Done Total cash receipts from customers Accounts Receivable balance, March 31: Credit sales, collection in April and May Help me solve this Etext pages Get more help Clear all Check