PLEASE SHOW WORK FOR REQUIREMENT 2

Elwood Company projects the following sales for the first three months of the year: $12,400 in January: $11 600 in February; and $10,500 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. Requirement 1. Prepare a schedule of cash receipts for Elwood for January, February, and March. What is the balance in Accounts Receivable on March 31? (Leave unused and zero balance account cells blank, do not enter "O) Cash Receipts from Customers Total January February March $ 12.40011,600 $ 10,500$34,500 Total sales January February March Total Cash Receipts from Customers ts Receivable balance, Jan $8,680 1,860 uary-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 $ 1,860 8,120 1.740 $1.740 7.350 1.575 arch-Cash sales arch-Credit sales, collection of March sales in March $10,540 $11.720 $ 10,665$ 32,925 Total cash receipts from customers Accounts Receivable balance, March 31: dit sales, collection of March sales in April $1,575 Requirement 2 Prepare a revised schedule of cash receipts if receipts from sales on account are 70% in the month of the sale, 20% 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? (Leave unused and zero balance account cells blank, do not enter "O") Cash Receipts from Customers January February March $ 12.400$ 11,600$10,500$ 34,500 Total Total sales January February March Total Cash Receipts from Customers Accounts Receivable balance, Jan 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 February-Credit 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 Total cash receipts from customers $8,680 2,604 8,120 7.350 $11,284 Accounts Receivable balance, March 31: Credit sales, collection in April and May