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Requirements: 1. Prepare a schedule of cash receipts for Carmen for January, February, and March. What is the balance in Accounts Receivable on March 31?

Requirements:

1.

Prepare a schedule of cash receipts for

Carmen

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,

25%

in the month following the sale, and

15%

in the second month following the sale. What is the balance in Accounts Receivable on

March

31?

Carmen

Company projects the following sales for the first three months of the year:

$12,400

in

January;

$12,200

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

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Part 1

Requirement 1. Prepare a schedule of cash receipts for

Carmen

for

January,

February,

and

March.

What is the balance in Accounts Receivable on

March

31?

(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

JanuaryCash sales

JanuaryCredit sales, collection of January sales in January

JanuaryCredit sales, collection of January sales in February

FebruaryCash 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

Total cash receipts from customers

Accounts Receivable balance, March 31:

MarchCredit sales, collection of March sales in April

Part 2

Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are

60%

in the month of the sale,

25%

in the month following the sale, and

15%

in the second month following the sale. What is the balance in Accounts Receivable on

March

31?

(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

JanuaryCash sales

JanuaryCredit sales, collection of January sales in January

JanuaryCredit sales, collection of January sales in February

JanuaryCredit sales, collection of January sales in March

FebruaryCash 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

Total cash receipts from customers

Accounts Receivable balance, March 31:

Credit sales, collection in April and May

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