2. Pam Poovey Farms has budgeted sales revenue for the fourth quarter of 2016: October $45,000 November $80,000 December $57,000 Credit sales Actual credit sales for September 2016 were $46,000. Actual credit sales for August 2016 were $43,000. Past experience indicates that 75% of credit sales will be collected in the month of sale, 23% of credit sales will be collected in the following month, and the remaining 2% of credit sales will be collected in the second month following the sale. Purchases of inventory are all on credit and 60% of purchases are paid in the month of purchase and the remaining 40% is paid in the month following the purchase. Budgeted inventory purchases for the fourth quarter of 2016 are: October $60,000 November 50,000 December 21,000 Actual purchases in August 2016 were $40,000 and $45,000 in September 2016. a. Prepare a Cash Receipts (Collection) Schedule which shows expected total cash receipts for the months of October, November, and December. b. What is the A/R balance at the end of December