QS 20-22 (Algo) Computing budgeted accounts receivable LO P2 Kingston budgets total sales for June and July of $390,000 and $308,000, respectively. Cash sales are 60% of total sales, Of the credit sales, 25% are collected in the month of sale, 70% are collected during the first month after the sale, and the remaining 5% are collected in the second month after the sale. Determine the amount of accounts recelvable 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