The Cam Newton Company Company has the following budgeted sa…

The Cаm Newtоn Cоmpаny Cоmpаny has the following budgeted sales:                                    April                May               June                 July Credit Sales            300,000          400,000 Cash Sales                80,000           70,000 The regular pattern of collection of credit sales is 30% in the month of sale, 60% in the month following the month of sale, and the remainder in the second month following the month of sale. There are no bad debts. The budgeted accounts receivable balance on May 31 would be: