HAM Company has budgeted sales for the next six months as follows: March April May June July August Budgeted Sales $242,000 $221,000 $298,000 $269,000 $204,000 $211,000 30% of the company's sales are cash sales and 70% of the company's sales are made on account. On average, 33% of the sales on account are collected in the month of sale, 37% is collected in the month following sale, 16% is collected in the second month following sale, and the remaining 14% is collected three months after the month of sale. The budgeted accounts receivable balance at August 31 is equal to: $103,859 $160,909 $168,161 $197,819 $208,364 O $224,209 $240,230 none of the above choices are correct