15.

Kelsey is preparing its master budget. Budgeted sales and cash payments for merrhandise purchases for the next three months follow. Sales are 20% cash and 80% on credit. Sales in June were $58,250. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $14,300 in cash and $7,000 in loans payable. A minimum cash balance of $8,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $8,000. Interest is 198 pet month. based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $8,000 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ( $6,000 per month), and rent ( $8,500 per month). (1) Prepare a schedule of cash receipts from sales for July, August, and September. (2) Prepare a cash budget for July. August, and September, Complete this question by entering vour answers in the tabs below. Prepare a schedule of cash receipts from sales for July, August, and September. Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be