Question

Jayson Company projects the following sales for the first three months of the year: $11.200 in January: $10,200 in February; and $13,400 in March. The company expects 60% of the sales to be cash and the remainder on account. Sales on account are collecled 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 Jayson for January, February, and March. What is the balance in Accounts Receivable on March 317 (Leave unused and zero balance account cells blank, do not enter "O".) Cash Receipts from Customers January February March Total i Requirements Total sales January February March | Total 1. Prepare a schedule of cash receipts for Jayson for January, February, and 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 are 60% in the month of the sale, 35% in the month following the sale, and 5% in the second month following the sale. What is the balance in Accounts Receivable on March 31? Cash Receipts from Customers: Accounts Receivable balance, January 1 January-Cash sales JanuaryCredit 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 Print Done Enter any number in the edit fields and then click Check Answer.

Answer 1

A. Accounts receivable balance as at 03/31 =$2,680

B. Accounts receivable balance as at 03/31 =$5,870

Schedule of Cash receipts Jan Feb 11,200 Mar 13,400 Total Sales Total 34,800 10,200 2,240 2,040 Cash receipts from customers: Accounts Receivable Balance, Jan 1 Jan - Cash Sales Jan - Credit Sales, Collection of Jan sales in Jan Jan - Credit Sales, Collection of Jan sales in Feb 6,720 2,240 6,720 2,240 2,240 2,240 Feb - Cash Sales Feb - Credit Sales, Collection of Feb sales in Feb Feb - Credit Sales, Collection of Feb sales in Mar 6,120 2,040 6,120 2,040 2,040 2,040 Mar - Cash Sales Mar - Credit Sales, Collection of Mar sales in Mar Total Cash Receipts 8,040 2,680 12,760 8,040 2,680 32,120 8,960 10,400 Accounts Receivable Closing Balance 2,240 2,040 2,680 2 ,680

Schedule of Cash receipts Jan 11,200 Feb Mar 10,200 13,400 Total Sales Total 34,800 4,480 4,640 Cash receipts from customers: Accounts Receivable Balance, Jan 1 Jan - Cash Sales Jan - Credit Sales, Collection of Jan sales in Feb Jan - Credit Sales, Collection of Jan sales in Mar 6,720 3,920 6,720 3,920 560 560 6,120 Feb - Cash Sales Feb - Credit Sales, Collection of Feb sales in Mar 6,120 3,570 3,570 Mar - Cash Sales Total Cash Receipts 6,720 10,040 8,040 12,170 8,040 28,930 Accounts Receivable Closing Balance 4,480 4,640 5,870 5,870