Requirement 1. Prepare a schedule of cash receipts for Armand for January, February, and March. What is the balance in Accounts Receivable onMarch 31?

Armand Company projects the following sales for the first three months of the year: $12,600 in January; $11,600 in February, and $12,800 in March. The company expects 80% 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. January February March Total Total sales $ 12,600 $ 11,600 $ 12,800 $ 37,000 January February March Total Cash Receipts from Customers: $ 10,080 1,260 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 February-Cash sales FebruaryCredit sales, collection of February sales in February FebruaryCredit sales, collection of February sales in March MarchCash sales MarchCredit sales, collection of March sales in March 9,280 1,160 10,240 1,280 $ 11,340 Total cash receipts from customers Accounts Receivable balance, March 31: MarchCredit sales, collection of March sales in April