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22 points velue: Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and

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22 points velue: Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usualy pay 40 percent of their fees in the month the service is provided. In the month following service, Paul collects 50 percent of service fees. The final 10 percent is collected in the second month following service. Paul purchases his supplies on credit, and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchases, 70 percent is used in the month of purchase, and the remainder is used in the month following purchase The following information is available for the months of June, July, and August, which are Paul's busiest months: June 1 cash balance $16,700 .June 1 supplies on hand $4,500 June 1 accounts receivable S9,400 . June 1 accounts payable S4,400 .Estimated sales for June, July, and August are $28,200, $42,300, and $45,000, respectively. . Sales during May were $26,200, and sales during April were $18,800 .Estimated purchases for June, July, and August are $10,400, $19,800, and $14,100, respectively .Purchases in May were S5,700 Required: 1. Compute budgeted cash receipts and budgeted cash payments for each month June July August Budgeted Cash Receipts Budgeted Cash Payments 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts Cash June 1 Bal ance Add: Total Cash Receipts Less: Total Cash Payments August 31 Balance Supplies Inventory 30% of August Purchases Accounts Receivable 60% of August Sales 10% of July Sales Balance at August 31 Accounts Payable 50% of August Purchases

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