1. Based on the following data, prepare a cash budget (in proper form with labels) for July and August. Forecast sales May $12,000 June 15,000 July $16,000 August $12,000 Cash sales are 30% of total sales. Credit sales are collected as follows: 60% one month after the sale and 40% 2 months after the sale Accounts payable are paid 100% 2 months after the purchase Expected A/P May $4,500 June $6,500 July $7,000 August $8,000 In addition to purchases, there are utility bills of $1,200 each month and rent of $1,100 per month Beginning cash for July is $4,900