Mitchell Company had the following budgeted sales for the last half of last year: Cash Sales Credit Sales July $60,000 $160,000 August $65,000 $180,000 September $49,000 $140,000 October $54,000 $149,000 November $64,000 $210,000 December $90,000 $390,000 The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following information has been assembled: Collections on credit sales: 50% in month of sales 45% in month of following sales 5.0% in second month following sales Assume that the accounts receivable balance on July 1 was $69,000. Of this amount, $50,000 represented uncollected June sales and $19,000 represented uncollected May sales. Given these data, the total cash collected during July would be: $269,000 $243,000 $100,000 $204,000