QS 20-22 (Algo) Computing budgeted accounts receivable LO P2 Kingston budgets total sales for June and July of $400,000 and $318,000, respectively. Cash sales are 70% of total sales. Of the credit sales, 20% are collected in the month of sale, 65% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company's budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31. As of July 31 Sales month Total Sales Credit Sales Percent Uncollected Amount Uncollected June July Total $ 318,000 400,000 $ 240,000 190,800 15% $ 60,000 20% 47,700 $ 107,700