QS 20-22 (Algo) Computing budgeted accounts receivable LO P2 Kingston budgets total sales for June and July of $420,000 and $368,000, respectively. Cash sales are 65% of total sales. Of the credit sales, 20% are collected in the month of sale, 60% are collected during the first month after the sale, and the remaining 20% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the companys budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31.