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

	July	August	September
Budgeted sales	$ 60,500	$ 76,500	$ 51,500
Budgeted cash payments for
Direct materials	16,860	14,140	14,460
Direct labor	4,740	4,060	4,140
Overhead	20,900	17,500	17,900

Sales to customers are 30% cash and 70% on credit. Sales in June were $61,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $29,000 in cash and $5,700 in loans payable. A minimum cash balance of $29,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $29,000. 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 $29,000 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 ($4,700 per month), and rent ($7,200 per month).

1. Prepare a schedule of cash receipts for the months of July, August, and September (table shown below).

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