Exercise 20-32A (Algo) Merchandising: Cash budget and schedule of cash receipts LO P4 Kelsey is preparing is master budgeL. Budgeted sales and cash payments for merchandise purchases for the next three months foilow Sales are 20% cash and 80% on credit. Sales in June were $56.450. All credit sales are collected in the month following the sale. The June 30 balonce sheet includes balances of $12,500 in cash and $5,200 in loans payable. A minimum cash balance of 512.000 is required, Loans are obtained at the end of any month when the pretiminary cash balance is below $12.000. Interest is 15 per month based on the beginning-of the-month loan balance and is paid at eachmonth-end it a preliminary cash balance abcve 512,000 as month-end exists, loans are repaid from the excess. Expenses are paid in the month incurted and consist of sales commissions (Wots of sales), office salaries ( $4,200 per month), and rent (\$6,700 per month) (1) Prepare a schedule of cash receipts from sales for July, August, and September. (2) Prepare a cash budget for July, August, and September Complete this question by entering your answers in the tabs below. Prepare a. cash budget for July. August, and September. (fegative balances and toan repiymient amounts (if amy) whould be Prepare a. cash bodget for July, August, and September, (hegative whate dollar. indicated with minus sign. Round your final angwers to the neatest whote Complete this question by entering your answers in the tabs below. Prepare a schedule of cash receipts from sales for July, August, and September. Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) si Indicated with minus sion. Round vour final answers to the nearest whole dollar))