Exercise 24-16 a The controller of Trenshaw Company wants to improve the company's control system by pre ang a month by month cash budget The Ollo ng nt at ons for the month eding MS2020. dune 30, 2020, cash balance Dividends to be declared on July 15 Cash expenditures to be paid in July for operating expenses Amortization expense in July Cash collections to be received in July Merchandise purchases to be paid in cash in Juily Equipment to be purchased for cash in July 40,800 12,000 36,800 4,700 86,600 6,400 20,100 Dividends are payable 30 days after deciaration to shareholders of record on the declaration date. Trenshaw Company wants to keep a minimum cash balance of $27,000 Prepare a cash budget for the month ended July 31, 2020, and indicate how much money, if any, Trenshaw Company will need to borrow to meet its minimum cash TRENSHAW COMPANY Cash Budget