PTA Corporation budgeted its sales for the next seven months as follows: May June July August September October November Budgeted Sales $311,000 $364,000 $289,000 $325,000 $216,000 $347,000 $253,000 20% of the company's sales are cash sales and 80% of the company's sales are made on account. On average, 43% of the sales on account are collected in the month of sale, 24% is collected in the month following sale, 18% is collected in the second month following sale, and the remaining 15% is collected three months after the month of sale. The budgeted cash collections for the month of August would be equal to: O $322,488 $257,024 O $321,280 O $508,416 $322,024 $246,530 $386,280 CE MEC Seven TT CorporTON gece Tosses To months as follows: May June July August September October November Budgeted Sales $311,000 $364,000 $289,000 $325,000 $216,000 $347,000 $253,000 20% of the company's sales are cash sales and 80% of the company's sales are made on account. On average, 43% of the sales on account are collected in the month of sale, 24% is collected in the month following sale, 18% is collected in the second month following sale, and the remaining 15% is collected three months after the month of sale. The budgeted accounts receivable balance at October 31 would be equal to: $311,720 O $254,256 $136,728 $278,262 O $317,820 O $192,874 $242,320 none of the above choices are correct