#20-#21

answer both please

Use the following to answer questions 20&21 : The Riley Company's sales budget for the third quarter is given below: From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 65% are collected in the month following the month of sale and the remaining 10% are collected in the second month following the month of sale. Bad debts are negligible and can be ignored. May sales totaled $250,000 and June sales totaled $175,000. What is the total expected cash collections for the month of July? $100,000 $213,750 8234750 400000 Using the information from Question 20, what will the balance of Accounts Receivable be as of September 30 ? $275,000 $225,000 $900,000 $440,000