Armand Company projects the following sales for the first three months of the​ year: $14,300 in January; $15,900 in February; and $11,100 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. Requirement 2. Prepare a revised schedule of cash receipts if receipts from sales on account are ​80% in the month of the​ sale, ​15% 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​?
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