14 Exercise 23.8 (Algo) Budgeting Cash Receipts (LO23-4, LO23-5) Sales on account for the first two months of the current year are budgeted as follows. 7.5 points January February $ 254,000 611,000 eBook All sales are made on terms of 2/10, n/30 (2 percent discount if paid in 10 days, full amount by 30 days); collections on accounts receivable are typically made as follows. Print 60% 15 Collections within the month of sale: Within discount period After discount period Collections within the month following sale: Within discount period After discount period Returns, allowances, and uncollectibles Total 15 7 3 100% Compute the estimated cash collections on accounts receivable for the month of February Estimated cash collections $ 320,039