QS $20-22($Algo$)$ Computing budgeted accounts receivable LO P$2$

Kingston budgets total sales for June and July of $$490,000$ and $$478,000,$ respectively. Cash sales are

$70\%$ of total sales. Of the credit sales, $20\%$ are collected in the month of sale, $60\%$ are collected during the

first month after the sale, and the remaining $20\%$ 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 $31.$