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Homework: Chapter Master Budgets Save Score: 0 of 1 pl 5 of 15 (11 complete) HW Score: 58.33%, 8.75 of 15 pts EM5-26 (similar to) Question Help Carmen Company projects the following sales for the first three months of the year $12,600 in January, $10,100 in February, and $15,800 in March. The company expects 80% 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 January February March Total Total sales 12600 10100 15000 30500 X January February March Total O Requirements Cash Receipts from Customers: Accounts Receivable balance, January 1 1. Prepare a schedule of cash receipts for Carmen for January, February, and January-Cash sales March. What is the balance in Accounts Receivable on March 31? January-Credit sales, collection of January sales in January 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 January-Credit sales, collection of January sales in February 20% in the second month following the sale. What is the balance in Accounts Receivable on March 31? Enter any number in the edit fields and then click Check Answer Print Done part remaining Clear All 12:33 AM Type here to search m W 2/24/2021