McLeod Fries,Inc.has budgeted sales for June and July at $670,000 and $770,000,respectively.Sales are 85% credit,of which 60% is collected in the month of sale and 40% is collected in the following month.What is the budgeted Accounts Receivable balance on July 31?
A) $308,000
B) $261,800
C) $227,800
D) $654,500
Correct Answer:
Verified
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