Cruises, Inc. has budgeted sales revenues as follows:
	June	July	August
Credit Sales	$135,000	$135,000	$90,000
Cash Sales	90,000	225,000	195,000
Total Sales	$225,00	$380,000	$285,000
Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Cash disbursements were $421,000 for July and $250,500 for August. The company wishes to maintain a minimum cash balance of $50,000 at the end of each month. To maintain the minimum cash balance, if necessary, the company borrows money from the bank at a 6% annual interest rate. Any outstanding loans are repaid in the months when there is an excess cash balance. The beginning cash balance on July 1 was $50,000. Prepare a cash budget for the months of July and August. Prepare a seperate schedule for expected collections from the customers.