Jayson Company projects the following sales for the first three months of the year: $12,600 in January; $12,200 in February; and $16,300 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.
Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 70% in the month of the sale, 20% in the month following the sale, and 10% in the second month following the sale. What is the balance in
Accounts Receivable on March 31? (If an input field is not used, leave the input field empty. Do not enter a zero.)
Cash Receipts from Customers
Total sales
January February March Total
$ 12,600 $ 12,200 $ 16,300 $ 41,100
January February March Total
Cash Receipts from Customers:
Accounts Receivable balance, January 1
January-Cash sales $ 8,820
January-Credit sales, collection of January sales in January 2,646
January-Credit sales, collection of January sales in February 378
January-Credit sales, collection of January sales in March 756
February-Cash sales 8,540
February-Credit sales, collection of February sales in February
February-Credit sales, collection of February sales in March 2,562 366
March-Cash sales 11,410
March-Credit sales, collection of March sales in March 3,423
Total cash receipts from customers $ 11,466 11,480 15,955 38,901