Atwood Lake Boats has budgeted sales for June and July at $420,000 and $480,000, respectively. Sales are 80% credit, of which 40% is collected in the month of sale and 60% is collected in the following month. What is the accounts receivable balance on July 31?
◦ $288,000
◦ $384,000
◦ $201,600
◦ $230,400