Armand Company projects the following sales for the first three months of the year: $14,300 in January: $11,300 in February; and $14,100 in March. The company expects 60% of the sales to be cash and the remainder on account. Sale 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 Armand for January, February, and March. 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 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 January January February February March March Total Total Requirements 1. Prepare a schedule of cash receipts for Armand 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 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? Print Done - X
Armand Company projects the following sales for the first three months of the year: $14,300 in January: $11,300 in February; and $14,100 in March. The company expects 60% of the sales to be cash and the remainder on account. Sale 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 Armand for January, February, and March. 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 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 January January February February March March Total Total Requirements 1. Prepare a schedule of cash receipts for Armand 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 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? Print Done - X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Complete all requirements
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Transcribed Image Text:Armand Company projects the following sales for the first three months of the year: $14,300 in January; $11,300 in February; and $14,100 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 Armand for January, February, and March. 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
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
January
January
February March
C
February March
Total
Total
Requirements
1. Prepare a schedule of cash receipts for Armand 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 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?
Print
Done
- X
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