McLeod Fries, Inc has budgeted sales for June and July at $680,000 and $750,000, 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?
A) $225,000
B) $202,500
C) $183,600
D) $675,000
B .B) Budgeted balance of accounts receivable on July 31:
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