Blackboard Remaining Time: 1 hour, 37 minutes, 54 seconds. Question Completion Status: Month Credit Sales March $20,000 April $26,000 May $40,000 Collections are 40% in the month of sale, and 60% in the month following the sale. What are the total cash collections expected in May? $40,000 $31,600 $34,400 $16,000 QUESTION 15 The accounts receivable balance at May 31 is $24,000 $16,000 $15,600 $31,600