Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 70% in the month of the sale, 25% in the month following the sale. and 5% in the second month following the sale. What is the balance in Accounts Receivable on March 317 (If an input field is not used, leave the input field empty Do not enter a zero.) Cash Receipts from Customers January February March Total Total sales January February March Total 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 February-Credit salos, 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 Accounts Receivable balance, March 31: Credit sales, collection in April and May Mason Company projects the following sales for the first three months of the year: $11,200 in January: $12,200 in February, and $16,300 in March. The company expects 60% 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 Mason for January, February, and March. What is the balance in Accounts Receivable on March 317 (if an input field is not used, leave the input field empty. Do not enter a zero.) Cash Receipts from Customers January February March Total Total sales $ 11,200 $ 12.200 $ 16.300 $ 39,700 January February March Total Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales $ 5,72 January-Credit sales, collection of January sales in January 2,240 January-Credit oles, collection of January salen in February $ 2.240 February Canh sales 7,320 Fobruary-Credit salon, collection of February salon in February 2.440 February-Credit sales, collection of February sales in March $ 2.440 March-Cash sales 9.780 March --Credit saten, collection of March sales in March 3,260 8,950 $ 12,000 $ 15,480 $ 36.440 Total cash receipts from customers x the month following the sale, leave the input field empty Accounts Receivable balance, March 31: March-Credit sales, collection of March salos in April 3,260 Requirement 2. Prepare a rev and 5% in the second month 10 Requirements Do not enter a zero.) Cash Receipts from Custom 1. Prepare a schedule of cash receipts for Mason for January, February, and March. What is the balance in Accounts Receivable on March 31? Total sales 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 70% in the month of the sale, 25% in the month following the sale, and 5% in the second month following the sale. What is the balance in Accounts Cash Receipts from Custom Receivable on March 317 Accounts Receivable balance