All sales are on credit. If sales in November and December are budgeted to be $300,000 and $400,000, respectively, the cash expected to be collected in December is $ At the beginning of the year, Morgan's account payable balance is $60,000. All available discounts have been taken, and the balance will be paid in the firm's purchases: All sales are on credit. If sales in November and December are budgeted to be $300,000 and $400,000, respectively, the cash expected to be collected in December is $ At the beginning of the year, Morgan's account payable balance is $60,000. All available discounts have been taken, and the balance will be paid in the firm's purchases