Budgeted sales in Allen Company over the next four months are given below: Cash Sales September 25,000 October November December 40,000 45,000 30,000 Sales on Account 75,000 120,000 135,000 90,000 Total Sales 100,000 160,000 180,000 120,000 Collections for sales on account follow a stable pattern as follows: 30% are collected in the month of sale, 50% are collected in the month following sale, and 20% are collected in the second month following sale. Required: Part 1: Given this data, prepare a cash collections/receipts budget for the quarter ending in December. Cash Sales On Account Sales September % of $75,000 September % of $75,000 October- % of $120,000 October- % of $120,000 October- % of $120,000 November% of $135,000 November % of $135,000 December- % of $90,000 TOTAL SALES Quarter October November December Total Required: Part 2 - what is the accounts receivable balance at the end of December? Show your work