Ross Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $390,000, of which $240,000 pertain to sales that were made during June. Budgeted sales for July are $1,240,000. Ross collects 75% of sales in the month of sale; 10% in the following month; and the final 15% in the second month after the sale.

Part 1: What are Ross's budgeted collections for July?

Part 2: What is the budgeted balance of Ross's accounts receivable as of July 31?