LifeTyme Publishers Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale

LifeTyme Publishers Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $320,000 for June and $350,000 for July, what are the budgeted cash receipts from sales on account for July?

Answer:
                                                                                                                                               July
Collections from June sales (70% × $320,000)…………………………………………   $224,000
Collections from July sales (30% × $350,000)…………………………………………    105,000
Total receipts from sales on account……………………………………………………   $329,000