Question

Jayson Company projects the following sales for the first three months of the year: 512,600 in January, 512,200 in February, and $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. 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 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

	January	February	March	Total
Total sales	$12,600	$12,200	$11,100	$35,900
	January	February	March	Total
Cash receipts from customers:
Account receivable balance, January 1
January - Cash sales	$7,560			$7,560
January - Credit sales Collection of January sales in January	$2,520			$2,520
January - Credit sales Collection of January sales in February		$2,520		$2,520
February - Cash sales		$7,320		$7,320
February - Credit sales collection of February sales in February		$2,440		$2,440
February - Credit sales collection of February sales in March			$2,440	$2,440
March - Cash sales			$6,660	$6,660
March - Credit sales Collection of March credit sales in March			$2,220	$2,220
Total cash receipts from customers	$10,080	$12,280	$11,320	$33,860

Account receivable balance, March 31st:

March - Credit sales Collection of March credit sales in Apri $2,220