Exercise 24-18 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 cas 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, $93,440; December 2019, $81,770; January 2020, $104,640; February 2020, $121,140; and March 2020, $131,370. 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 bbcember 2019, $17,180; January 2020, $13,590; February 2020, $16,670; and March 2020, $19,730 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. GREENLANDSLAPING INC. Schedule of Expected Payments for Landscaping Supplies For the Quarter Ending March 31, 2020 tudy. January February March Quarter December 24531 8177 32708 January 62784 31392 10464 104640 February 72684 36342 109026 March 78822 78822 Total payments JI 96659 112253 125628 334540 (b) Determine the following balances at March 31, 2020: (1) Accounts receivable (2) Accounts payable