eBook Personal budget Show Me At the beginning of the school year, Craig Kovar decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: Cash balance, September 1 (from a summer job) $7,000 Purchase season football tickets in September Additional entertainment for each month Pay fall semester tuition in September Pay rent at the beginning of each month Pay for food each month 100 240 3,800 340 190 Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) 500 870 < a. Prepare a cash budget for September, October, November, and December. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Craig Kovar Cash Budget For the Four Months Ending December 31 Line Item Description September October November December Estimated cash receipts from: Part-time job 870 870 870 870 Deposit 500 Total cash receipts 870 $ 870 870 1,370 V Less estimated cash payments for: Season football tickets -100 Additional entertainment -240 -240 -240 $ -240 Tuition Rent -3,800 -340 -340 -340 -340 Food -190 -190 -190 -190 Deposit -500 Total cash payments -5,170 $ -770 -770 $ -770 Cash increase (decrease) -4,300 100 $ 100 600 Plus cash balance at beginning of month 7,000 X Cash balance at end of month 2,700 $