Marcel Company projects the following sales for the first three months of the year: $13,500 in January, $12,200 in February, and $10,500 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. Roum to the nearest dollar. Read the requirements. Requirements 1. Prepare a schedule of cash receipts for Marcel 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, 30% 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 rouroury USI PORVO February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March - X at is the balance in Accounts Receivable on March 31? (If an input field is not used, leave the rch 10500 rch Total 36200 Total

Marcel Company projects the following sales for the first three months of the year: $13,500 in January, $12,200 in February, and $10,500 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. Roum to the nearest dollar. Read the requirements. Requirements 1. Prepare a schedule of cash receipts for Marcel 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, 30% 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 rouroury USI PORVO February-Credit sales, collection of February sales in February February-Credit sales, collection of February sales in March - X at is the balance in Accounts Receivable on March 31? (If an input field is not used, leave the rch 10500 rch Total 36200 Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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