During the first year of operation, 2014, Ferrell's Appliance recognized $261,000 of service revenue on account. At the end of 2014, the accounts...

During the first year of operation, 2014, Ferrell's Appliance recognized $261,000 of service revenue on account. At the end of 2014, the accounts receivable balance was $46,300. Even though this is his first year in business, the owner believes he will collect all but about 4 percent of the ending balance.

 What amount of cash was collected by Ferrell's during 2014?