Managerial Accounting (15th Edition)

Published by McGraw-Hill Education
ISBN 10: 007802563X
ISBN 13: 978-0-07802-563-1

Chapter 8 - Master Budgeting - The Foundational 15 - Required - Page 372: 3

Answer

$420,000

Work Step by Step

The accounts receivable balance at the end of July = July budgeted sales * 60% = 700,000 * 60% = $420,000 (because forty percent of credit sales are collected in the month of the sale and 60% is the uncollected percent).
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