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 65% are collected in the month the month of sale and the remaining 10% are collected in the second month following the month of sale. Bad debts are negligible and can be ignored. M. totaled $250,000 and june sales totaled $175,000 What is the total expected cash collections for the month of July? 3. $100,000 b. $213,750 C. $238,750 d. 5400,000 Using the information from Question 20, what will the balance of Accounts Receivable be as of September 307 a $275,000 b. $225,000 $300,000 d. 5440,000