Question

Mason Company projects the following sales for the first three months of the​ year: $ 11,500 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 requirementsLOADING.... Requirement 1. Prepare a schedule of cash receipts for Mason for January​, February​, and March. 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)-

MASON COMPANY
Schedule of Collections from sales
Particulars	January	February	March	Total
Projected monthly sales $ (a)	11500	11600	15800	38900
Cash sales (b= 60%*a)	6900	6960	9480	23340
Credit Sales (40%*a)	4600	4640	6320	15560
Cash Collection
50% in month of sale	4600*50%= $2300	$4640*50%= $2320	$6320*50%= $3160	7780
50% in following month of sale		4600*50%= $2300	$4640*50%= $2320	4620
Total cash collections (c)	2300	4620	5480	12400
Total collection (d=b+c)	9200	11580	14960	35740

2)- The balance in Accounts Receivable on March 31 = $6320*50% =$3160.