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 $62,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $31,000 in cash and $5,800 in loans payable. A minimum cash balance of $31,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $31,000. 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 $31,000 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 ( $4,800 per month), and rent ($7,300 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. Required information [The following information applies to the questions displayed below.] 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 $62,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $31,000 in cash and $5,800 in loans payable. A minimum cash balance of $31,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $31,000. 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 $31,000 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 ( $4,800 per month), and rent ( $7,300 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. (1) Required information \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline & & & \\ \hline Total cash payments & & & \\ \hline Preliminary cash balance & & & \\ \hline Loan activity & & & \\ \hline Additional loan & & & \\ \hline Repayment of loan to bank & & & \\ \hline Ending cash balance & & & \\ \hline \hline & & & \\ \hline \end{tabular}