Sales are collected 50% in the month of sale, 30% in the month following sale, and 19% in the second month following sale. Oje percent of sales is uncollectible and expensed at the end of the year. Morgan pays for all purchases in the month following purchase and takes advantage of a 3% discount. The following balances are as of January 1: Cash Accounts receivable Accounts payable $80,000 58.000 72,000 Sales are collected 50% in the month of sale, 30% in the month following sale, and 19% in the second month following sale. Oje percent of sales is uncollectible and expensed at the end of the year. Morgan pays for all purchases in the month following purchase and takes advantage of a 3% discount. The following balances are as of January 1: Cash Accounts receivable Accounts payable $80,000 58.000 72,000