A company budgets sales of $488,000 for April and $336,000 for May. Credit sales are 75% of total sales. Credit sales are collected as follows: 20% in the month of sale, 65% in the first month after sale, and 15% in the second month after sale. 

Compute the accounts receivable balance at May 31. 

Hint: At May 31, determine the percent of April and May sales that are not yet collected.

Answer rating: 100% (QA)

To compute the accounts receivable balance at May 31 we need to determine the percent of April and M... View the full answer