5 Cash in hand -Expected cash balance -1 May 2023: $31850 -The accountant projects 60% of the cash is collected in the month of sale and 35% is collected in the month following sale. The remainder of the accounts receivable are uncollectable. The account receivable as of 1 April 2023 is: $78,750. -20% of the material purchases are paid in the month of purchase and 80% are paid in the following month. The amount owing for purchases at 1 May 2023 is $76,800. -All other expenses are paid in the month in which they are incurred. Required: (c) Cash budget for May