2:00 QS 20-22 (Algo) Computing budgeted accounts receivable LO P2 Kingston budgets total sales for June and July of $390,000 and $448,000, respectively. Cash sales are 60% 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 e sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31. As of July 31 Sales month Total Sales Credit Sales Percent Uncollected Amount Uncollected June July $ 390,000 $ 448,000 138,500 136,500 15% $ 20,475 80% Total