Question

E22-26 (similar to) Question Help o Marlin Company projects the following sales for the first three months of the year: $12,600 in January: $10,100 in February; and $16,300 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 Marlin 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 Requirements - X Total sales January February March Total 1. Prepare a schedule of cash receipts for Marlin 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, 15% in the month following the sale, and 25% 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 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 Print Done Total cash receipts from customers Accounts Receivable balance, March 31: March-Credit sales, collection of March sales in April

Answer 1