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Calculation of accounts receivable.
The Pitney Company's sales are 40% cash and 60% credit. 50% of credit sales are collected in the month of sale, 30% in the month following the sale, and 20% is collected two months after. Budgeted sales data is as follows:
June
$120,000
July
$80,000
August
$100,000
Accounts receivable at the end of August are?
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