M05 Ch 20 Graded Practice 7 1.25 points Saved Help Kingston budgets total sales for June and July of $340,000 and $448,000, respectively. Cash sales are 65% of total sales. Of the credit sales, 20% are collected in the month of sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31. As of July 31 00:46:57 Sales month Total Sales Credit Sales Percent Uncollected Amount Uncollected June eflook July Total $ 340,000 448,000 H Print References