Exercise 23.8 (Algo) Budgeting Cash Receipts (L023-4, L023-5) Sales on account for the first two months of the current year are budgeted as follows. January $292,000 February 779,000 7_______________________________ All sales are made on terms of 2/10, n/30 (2 percent discount if paid in 10 days, full amount by 30 days); collections on accounts receivable are typically made as follows. Collections within the month of sale: Within discount period 60% After discount period 15 Collections within the month following sale: Within discount period 15 After discount period 7 Returns, allowances, and uncollectibles 3 Total 100% Compute the estimated cash collections on accounts receivable for the month of February