Summits expects total sales of $699,500 for January and $352,000 for February. Assume that Summits' sales are collected as follows: i (Click the icon to view the collection history.) November sales totaled $397,000, and December sales were $398,000. Prepare a schedule of cash receipts from customers for January and February, including the calculation for the Net Accounts Receivable balance on February 28. Round answers to the nearest dollar. Prepare a schedule of cash receipts from customers for January and February. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Receipts from Customers Total sales Cash Receipts from Customers: Nov.-Credit sales, collection of Nov. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Jan. Dec.-Credit sales, collection of Dec. sales in Feb. Jan.-Credit sales, collection of Jan. sales in Jan. January 699500 February 352000 January February Jan.-Credit sales, collection of Jan. sales in Feb. Feb.-Credit sales, collection of Feb. sales in Feb. Total cash receipts from customers Determine the Net Accounts Receivable balance on February 28. Net Accounts Receivable balance on February 28 Included in Accounts Receivable at February 28 More info 50% in the month of the sale 40% in the month after the sale 8% two months after the sale 2% never collected Print Done X