ChargedUp Power is a family-owned battery store. It began operations in October 2022 with $10,500 in cash. Management forecasts that collections from credit customers will be $11,000 in October and $15,000 in November. The store is scheduled to receive $6,000 cash on a business note receivable in November. Projected cash payments include inventory purchases ($13,000 on October and $13,900 in November) and operating expenses of $3,000 each month.

ChargedUp Powers bank requires $8,000 minimum balance in the stores chequing account. At the end of any month when the account balance dips below $8,000, the bank automatically extends credit to the store in multiples of $1,000. ChargedUp Power borrows as little as possible and pays back loans in quarterly installments of $1,000 plus 4% interest on the entire principle. The first payment is due three months after the loan.

Required:

1. Prepare ChargedUp Powers cash budget for November and December 2022.