Maddox Co's forecast of sales is as follows: October $40,000; November $80,000; December $120,000. Sales are 70% cash and 30% credit in any month. Credit sales are collected in full in the following month. 1. Determine the budgeted cash receipts for each of the 3 months? 2. Calculate the balance of Accounts Receivable on October 31 & November 30?