3) Wright Corp. began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $240,000, $300,000, and 420,000 respectively, for September, October, and November. The company expects to sell 20% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month of the sale, 25% in the month following the sale, and the remainder in the following month. The cash collections in SEPTEMBER from ACCOUNTS RECEIVABLE are: (Hint:subtract cash sales from the budgeted sales) a. $240,000 b. $134,400 C. $192,000 d. $168,000