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QUESTION 3: BUDGETING (45 marks; 40 minutes) 3.1 Insert the relevant amount(s) for EACH transaction below into the appropriate columns for the following Cash Budget and Projected Income Statement for July 2021 Example: Monthly telephone costs are expected to be R4 200. NO. CASH BUDGET FOR JULY RECEIPT PAYMENT 4 200 PROJECTED INCOME STATEMENT FOR JULY INCOME EXPENSE 4 200 e.g. (8) TRANSACTIONS FOR JULY 2021: 3.1.1 A three- month advertising contract for R6 000 will be paid on 1 July 2021. R2 000 of this amount relates to the next financial year. 3.1.2 On 1 July 2021, R45 000 will be invested in a fixed deposit at 8% interest p.a. Interest is not capitalised and is received at the end of each month. 3.1.3 Budgeted cash sales, R23 200 (cost of sales; R16 000)