Question

Maynard Company projects the following sales for the first three months of the year: $15800 in January; $15,900 in February; $11,100 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.

Requirements:

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?

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?? ?(Leave unused and zero balance account cells?blank, do not enter? "0".)

Cash Receipts from Customers
		January	February	March	Total
Total sales
		January	February	March	Total
Cash Receipts from Customers:
Accounts Receivable balance, January 1
January—Cash sales
January—Credit sales, collection of January sales in January
January—Credit sales, collection of January sales in February
February—Cash sales
February—Credit sales, collection of February sales in February
February—Credit sales, collection of February sales in March
March—Cash sales
March—Credit sales, collection of March sales in March
Total cash receipts from customers
Accounts Receivable balance, March 31:
March—Credit sales, collection of March sales in April

Answer 1

Answer 1.

Answer 2.