Home Corporation will open a new store on January 1. Based on experience from its other retail outlets, Home Corporation is making the following sales projections: Credit Sales January $40,000 February $50,000 March $60,000 April $80,000 Home Corporation estimates that 70% of the credit sales will be collected in the month of sale, with the balance collected in the first month following the month of sale. Based on these data, the balance in accounts receivable on January 31 will be: Multiple Choice $12,000 $28,000 $18,000 $58,000