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Maynard Company projects the following sales for the first three months of the year: $10,800 in January; $11,600 in February; and $15,800 in March. The company expects 60% 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. Cash Receipts from Customers January February March Total Total sales January February March Total Cash Receipts from Customers: - X Accounts Receivable balance, January 1 Requirements January-Cash sales January-Credit sales, collection of January sales in January 1. Prepare a schedule of cash receipts for Maynard for January, February, and January-Credit sales, collection of January sales in February 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 February-Cash sales are 70% in the month of the sale, 10% in the month following the sale, and February-Credit sales, collection of February sales in February 20% in the second month following the sale. What is the balance in Accounts Receivable on March 31? February-Credit sales, collection of February sales in March March-Cash sales March-Credit sales, collection of March sales in March Print Done Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 70% in the month of the sale, 10% in the month following the sale, and 20% 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 Receipts from Customers