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, 10% in the month following the sale, and 30% in the second month following the sale. What is the balance in Accounts Receivable on March 31? E22-26 (similar to) Question Help Carmen Company projects the following sales for the first three months of the year: $14,300 in January: $10,100 in February; and $14.100 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 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 March Total January 14300 February 10100 Total sales 14100||| 38500 January February March Total 10010 2145 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 February-Cash sales February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March March-Cash sales 2145 7070 1515 1515 9870 March-Credit sales, collection of March sales in March 2115 13500 12150 10730 36380 Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April 2115