Fresplanade Co. had the following historical collection pattern for its credit sales: 70% collected in the month of sale 15% collected in the first month after month of sale 9% collected in the second month after month of sale 5% collected in the third month after month of sale 1% uncollectible The sales on open account (credit sales) have been budgeted for the last six months of the year as shown below: July 80,000 92,000 104,000 116,000 August September October November 128,000 110,000 December The estimated cash collections during July from credit sales made in July by Fresplanade Co. is
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