Lakewood Jet Skis has budgeted sales for June and July at $420,000 and $480,000,respectively.Sales are 75% credit,of which 40% is collected in the month of the sale and 60% is collected in the following month.What is the accounts receivable balance on July 31?
A) $189,000
B) $288,000
C) $216,000
D) $360,000
Correct Answer:
Verified
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