ABC Farm is preparing a collection budget for the year. Sales are expected to be P100,000 in January; P200,000 in February; and P300,000 in March. Approximately 60% of the sale is collected during the...

ABC Farm is preparing a collection budget for the year. Sales are expected to be P100,000 in January; P200,000 in February; and P300,000 in March. Approximately 60% of the sale is collected during the month of sale and the other 40% is collected in the following month. What is the ending accounts receivable balance of March?

1. 
   
   
   
   1. P 80,000
   
   
   2. P120,000
   
   
   3. P180,000
   
   
   4. P200,000