Calgon Products, a distributor of organic beverages, needs a cash budget for September. The following information is available: a. The cash balance at the beginning of September is $9,100. b. Actual sales for July and August and expected sales for September are as follows: July August September Cash sales $ 6,100 $ 4,800 $ 7,200 Sales on account 20,000 27,000 38,000 Total sales $ 26,100 $ 31,800 $ 45,200 Sales on account are collected over a three-month period as follows: 5% collected in the month of sale, 65% collected in the month following sale, and 28% collected in the second month following sale. The remaining 2% is uncollectible. c. Purchases of inventory will total $30,000 for September. Thirty percent of a month's inventory purchases are paid for during the month of purchase. The accounts payable remaining from August's inventory purchases total $19,000, all of which will be paid in September. d. Selling and administrative expenses are budgeted at $15,000 for September. Of this amount, $4,000 is for depreciation. e. Equipment costing $17,000 will be purchased for cash during September, and dividends totaling $3,000 will be paid during the month. f. The company maintains a minimum cash balance of $5,100. An open line of credit is available from the company's bank to bolster the cash balance as needed. 1. Prepare a schedule of expected cash collections for September. 2. Prepare a schedule of expected cash disbursements for inventory purchases for September. 3. Prepare a cash budget for September. Indicate in the financing section any borrowing that will be needed during September. Assume that any interest will not be paid until the following month