Your answer is partially correct. Try again. Green Landscaping Inc. is preparing its budget for the first quarter of 2020. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end the following information has been collected. Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service. Actual service revenue for 2019 and expected service revenues for 2020 are November 2019, $93,460; December 2019, $81,960; January 2020, $101,670; February 2020, $121,970; and March 2020, $131,840. Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2019 and expected purchases for 2020 are December 2019, $16,430; January 2020, $17,530; February 2020, $19,680; and March 2020, $19,390. (a) Prepare the following schedules for each month in the first quarter of 2020 and for the quarter in total: (1) Expected collections from clients. GREEN LANDSCAPING INC. Schedule of Expected Collections From Clients For the Quarter Ending March 31, 2020 January February March Quarter November 92771 LJ 9277 December 25281 8427 33708 January 61716 30858 10286 T 102860 February 72864 36432 109296 March 80268 80268 Total collections Total collections 1 9 6274 96274 112149 112149 126986 335409 (2) Expected payments for landscaping supplies. GREEN LANDSCAPING INC. Schedule of Expected Payments for Landscaping Supplies For the Quarter Ending March 31, 2020 January February March Quarter December 6184 6184 January 8052 5368 13420 February 00000 10074 6716 16790 March 13638 13638 Total payments 14236 15442 20354 20354 5 0032 (b) Determine the following balances at March 31, 2020: (1) Accounts receivable 65656 (2) Accounts payable 9092