Seagram Corporation makes all sales on account. The June 30th balance sheet balance in its accounts receivable is $200,000, of which $120,000 pertain to sales that were made during June. Budgeted sales for July are $1,000,000. Seagram collects 70& of sales in the month of sale; 20% in the following month; and the final 10% in the second month after the sale. What are Seagram's budget collections for July? Select one: O a. $732,000 O b. $740,000 O c. $700,000 O d. $860,000 X

Seagram Corporation makes all sales on account. The June 30 th balance sheet balance in its accounts receivable is $200,000, of which $120,000 pertain to sales that were made during June. Budgeted sales for July are $1,000,000. Seagram collects 70% of sales in the month of sale; 20% in the following month; and the final 10% in the second month after the sale. What are Seagram's budget collections for July? Select one: a. $732,000 b. $740,000 c. $700,000 d. $860,000