Harrington makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for June, July, and August were $60,000, $130,000, and $120,000, respectively, what were the firm's budgeted collections for August and the company's budgeted receivables balance on August 31?

Multiple Choice

• Choice A

• Choice B

• Choice C

• Choice D

• Choice E

A. B. C. D. E. August Collections August 31 Receivables Balance $115,000 $135,000 $121,000 $109,000 $121,000 $101,000 $215,000 $109,000 None of these options is correct