7.9 Vesty Travel Services plans to commence operations on 1 July 2021. The following data and estimates relate to the three months ending 30 September 2021. July August September Initial capital $25 000 Fees charged (credit) 9200 $11 100 $14 500 Fees received 5 200 6800 10 200 Computer equipment (cash) 6900 Administration 1 100 1 100 1 100 Advertising and marketing 2 500 2000 1200 Cash withdrawals 1 200 1200 1200 Rent 1 600 1 600 1 600 Required: Prepare a monthly cash budget for the three months ending 30 September 2021.Solution: Vesty Travel Services Cash budget for quarter ended September 30 2021 July$ Aug.$ Sept.$ TOTAL$ ANTICIPATED RECEIPTS Initial capital 25 000 25 000 Fees received 5 200 6800 10 200 22 200 Total receipts 30 200 6 800 10 200 47 200 ANTICIPATED PAYMENTS Advertising and marketing 2 500 2000 1 200 5 700 Cash withdrawals 1 200 1200 1200 3 600 Computer equipment 6900 6900 Administration 1 100 1 100 1 100 3 300 Rent 1 600 1 600 1 600 4 800 0 Total payments 13 300 5 900 5 100 24 300 Excess (deficit) receipts over payments 16 900 900 5 100 22 900 Bank balance at beginning of month 0 16900 17 800 0 Bank balance at end of month 16 900 17 800 22 900 22 900 * Note: fees charged not included as this relates to credit sales