Junk Fries Has Budgeted Sales for June and July at $680,000

question 33

Multiple Choice

Junk Fries has budgeted sales for June and July at $680,000 and $720,000, respectively. Sales are 80% credit, of which 70% is collected in the month of sale and 30% is collected in the following month. What is the accounts receivable balance on July 31?

• A)$200,500
• B)$172,800
• C)$158,200
• D)$225,320