Rocha & Noel Company, an importer and retailer of Polish pottery and kitchenware, prepares a monthly master budget. Data for the July master budget are given below: The June 30th balance sheet follows.

Cash	$35,000	Accounts payable	$55,000
Accounts receivable	120,000	Capital stock	320,000
Inventory	56,000	Retained earnings	96,000
Building and equipment (net)	260,000

Actual sales for June and budgeted sales for July, August, and September are given below.

June	$147,500
July	370,000
August	420,000
September	330,000

Sales are 30% for cash and 70% on credit. All credit sales are collected in the month following the sale. There are no bad debts. The gross margin percentage is 45% of sales. The desired ending inventory is equal to 30% of the following month's sales. One fourth of the purchases are paid for in the month of purchase and the others are purchased on account and paid in full the following month. The monthly cash operating expenses are $45,000, and the monthly depreciation expenses are $7,500. What is the balance of the accounts receivable at the end of July?