Question 5 (6 marks) Okanagan Docks Ltd. Is preparing a cash budget for the first quarter of the coming year. Experience has shown that 60% of sales is collected in the month of sale, 30% is collected in the month after sale, and 10% is collected two months after sale. 1. Calculate the total cash receipts for July, using the form below. (4 marks) May $200,000 June $220,000 July $190,000 Sales 2. Calculate the accounts receivable balance at July 31. (2 marks)