Kuzma Foods,Inc.has budgeted sales for June and July at $690,000 and $720,000,respectively.Sales are 90% credit,of which 70% is collected in the month of sale and 30% is collected in the following month.What is the budgeted Accounts Receivable balance on July 31?

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The Accounts Receivable balance on July 31 consists of the 30% of July's credit sales that will be collected in August. July's credit sales are 90% of $720,000, which is $648,000. 30% of $648,000 is $194,400.