Problem
Jayson Company projects the following sales for the first three months of the year: $13, 500 in January; $11, 600 in February; and $12, 800 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.
Requirement
Prepare a schedule of cash receipts for Jayson for January. February, and March. What is the balance in Accounts Receivable on March 31?