Built$-$Tight is preparing its master budget. Budgeted sales and cash payments follow:

Sales to customers are $30\%$ cash and $70\%$ on credit. Sales in June were $$62,500.$ All credit sales are collected in the

month following the sale. The June $30$ balance sheet includes balances of $$33,000$ in cash and $$5,900$ in loans payable.

A minimum cash balance of $$33,000$ is required. Loans are obtained at the end of any month when the preliminary cash

balance is below $$33,000.$ Interest is $1\%$ per month based on the beginning$-$of$-$the$-$month loan balance and is paid at each

month$-$end. Any preliminary cash balance above $$33,000$ is used to repay loans at month$-$end. Expenses are paid in the

month incurred and consist of sales commissions $(10\%$ of sales$),$ office salaries per month$),$ and rent $($ $$7,400$ per

month$).$

Problem $20-2$A $($Algo$)$ Part $1$

Prepare a schedule of cash receipts for the months of July, August, and September.