17. Sorrell Company makes all its sales on account. Accounts receivable payment experience is as follows:

Percent paid in the month of sale	30%
Percent paid in the month after the sale	60%
Percent paid in the second month after the sale	8%

Sorrell provided information on sales as follows:

May	$100,000
June	$120,000
July	$130,000
August (expected)	$150,000

Refer to Figure 8-5. What is budgeted cash to be collected on account for the month of July? Hint: Don't forget about May and June sales collected in July.

a.

$119,000

b.

$130,000

c.

$111,000

d.

$47,000

e.

$39,000