Marcel Company projects the following sales for the first three months of the year: $10,800...
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Marcel Company projects the following sales for the first three months of the year: $10,800 in January; $15,900 in February; and $10,400 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. Requirement 1. Prepare a schedule of cash receipts for Marcel for January, February, and March. 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 Cash Receipts from Customers: Accounts Receivable balance, January 1 JanuaryCash sales JanuaryCredit sales, collection of January sales in January JanuaryCredit sales, collection of January sales in February February-Cash sales February-Credit sales, collection of February sales in February
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