Graham Company projects the following sales for the first three months of the year: $10,600 in January: $14,600 in February; and $16,300 in March. The company expects 80% 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 Graham 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 January January CL February March February March Total Total

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Chapter1: Financial Statements And Business Decisions
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Graham Company projects the following sales for the first three months of the year: $10,600 in January: $14,600 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 Graham 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
xt pageS
Get more help.
January
January
CL
February March
February
March
Total
Total
Requirements
1. Prepare a schedule of cash receipts for Graham 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, 25% in the month following the sale, and 5%
in the second month following the sale. What is the balance in Accounts
Receivable on March 31?
-
X
answer
M
Transcribed Image Text:Graham Company projects the following sales for the first three months of the year: $10,600 in January: $14,600 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 Graham 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 xt pageS Get more help. January January CL February March February March Total Total Requirements 1. Prepare a schedule of cash receipts for Graham 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, 25% in the month following the sale, and 5% in the second month following the sale. What is the balance in Accounts Receivable on March 31? - X answer M
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