XYZ Co.s expected sales for upcoming months are as follows: Sales revenue June........................ $60,000 July........................ $80,000 August.................... $100,000 All sales are on credit. Suppose XYZ collects 60% of credit sales in the current month, and collects 40% in the following month. What is the balance of the companys accounts receivable at the end of July? A. $40,000 B. $48,000 C. $24,000 D. $32,000