The Riley Company's sales budget for the third quarter is given below: Budgeted Sales: July $400,000 August 500,000 September 300,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another are collected in the month following the month of sale and the remaining 10% are collected in the second month following the month of sale. Bad debts are negle and can be ignored. May sales totaled $250,000 and june sales totaled $175,000 What is the total expected cash collections for the month of July? 2.3100,000 0 $213,750 $238,750 d. $400,000 Using the information from Question 20, what will the balance of Accounts Receivable be as of September 30? 3. $275,000 b.$225,000 Oc $300,000 d. 5440,000