Question

My Courses Course Home Homework: Topic 3 Homework (Chapter 22) Score: 0 of 10 pts 2 of 4 (2 complete) XE22-27 (similar to) HW Score: 16.67%, 10 of 60 pts Assignments Question Help Study Plan Results Elwoxxd Company projects the following sales for the first three months of the year $16,700 in January, $15,900 in February, and $10,400 in March. The company expects 70% 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 Pearson Text Document Sharing Requirement 1. Prepare a schedule of cash receipts for Elwood 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" ) Cash Receipts from Customer Requirements Multimedia Library Chapter Resources Total sales brrect: 1 Dynamic Study Modules 301 Cash Receipts from Customer Accounts Receivable balance Communication Tools 1. Prepare a schedule of cash receipts for Elwood 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, 30% in the month following the sale, and 10% in the second month following the sale What is the balance in Accounts Recevable on March 312 Enter any number in the edit fi 1 Part I remaining Check Answer

Answer 1

Requirement 1 CASH RECEIPTS FROM CUSTOMER JANUARY FEBRUARY MARCH $ 16,700.00 $ 15,900.00 $ 10,400.00 TOTAL $ 43,000.00 Total Sales 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 $ - $ - $ - $ 11,690.00 $ 2,505.00 $ 2,505.00 $ 11,130.00 $ 2,385.00 $ 2,385.00 $ 7,280.00 $ 1,560.00 $ 14,195.00 $ 16,020.00 $ 11,225.00 $ 41,440.00 Accounts Receivable Balance, March 31 March - Credit Sales, Collection of March Sales in April $ 1,560.00 Requirement 2 CASH RECEIPTS FROM CUSTOMERS JANUARY $ 16,700.00 FEBRUARY $ 15,900.00 MARCH $ 10,400.00 TOTAL $ 43,000.00 Total Sales 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 January - Credit Sales, Collection of January Sales in March 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 $ - $ - $ - $ 11,690.00 $ 3,006.00 $ 1,503.00 $ 501.00 $ 11,130.00 $ 2,862.00 $ 1,431.00 $ 7,280.00 $ 1,872.00 $ 14,696.00 $ 15,495.00 $ 11,084.00 $ 41,275.00 Accounts Receivable Balance, March 31 February - Credit Sales, Collection of February Sales in April March - Credit Sales, Collection of March Sales in April March - Credit Sales, Collection of March Sales in May Accounts Receivable as on March 31 $ 477.00 $ 936.00 $ 312.00 $ 1,725.00