Built-Tight is preparing its master budget for the quarter ended September 30, 2015. Budgeted sales and cash payments for product costs for the quarter follow:

	July		August		September
Budgeted sales	$	54,500	$	70,500	$	57,500
Budgeted cash payments for
Direct materials		15,260		12,540		12,860
Direct labor		3,140		2,460		2,540
Factory overhead		19,300		15,900		16,300

Sales are 15% cash and 85% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,100 in accounts receivable; $3,600 in accounts payable; and a $4,100 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning of the month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($3,100 per month), and rent ($5,600 per month).

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