7. The Khaki Corporation has the following budgeted sales data: April January February March Cash Sales $ 70,000 $ 90,000 $80,000 $ 70,000 Credit Sales $300,000 $500,000 $300,000 $320,000 e. None of the above. The answer is The regular pattern of collection of credit sales is 40% in the month of sale, 50% in the month following sale, and the remainder in the second month following the month of sale. There are no bad debts. The budgeted accounts receivable balance on February 28 would be: a. $310,000 c. $350,000 b. $330,000 d. $370,000 e. None of the above. The answer is