The following credit sales are budgeted by Happy Electronics in their first year of operations:JanuaryFebruaryMarchAprilMay$$174,000170,000205,000210,000212,000$Industry standards for similar companies indicates that $50\%$ of the accounts receivable are collected in the month of sale, $30\%$ in the month following the sale, and $20\%$ in the second month following the sale.a$)$ Prepare a cash receipts budget for the first quarter including each month in the quarter using this industry standard for collections.b$)$ What is the accounts receivable balance at the end of March?