I. Budgeted Sales / Cash Collections (25 pts. total) ABC Poultry Co. makes a smoked turkey that is very popular on Thanksgiving Day. Thus, peak sales occur in November of each year, as shown on the company's sales budget for the fourth quarter given below: Nov. ec. Totl Oct $150,000 $250,000 $100,000 $500,000 Budgeted Sales (all on account) s sales are collected in the From past experience, the company has learned that 30% month of sale, and 50% a eco ected the month following the sale, and the remaining20 collected in the second month following sale. Bad debts are negligible and can be ignored. August sales totaled S110,000, and September sales totaled S130.000. are Required: 1. Prepare a schedule of expected cash collections from sales by month and in total for the fourt quarter. (20 pts.) 2. What is the accounts receivable balance on Dec.31? (5 pts.)