Howling Halloween Shop (HHS) expects its revenues and payments to be:

	Sales	Purchases
May.	$14,000	$81,000
June.	20,000	21,300
Jul.	26,000	19,100
Aug.	22,000	22,400
Sep.	18,000	14,700

Seventy percent of the firm's sales are on credit. Past experience shows that 40 percent of accounts receivable are collected in the month after sale, and the remainder are collected in the second month after sale. Prepare a schedule of cash receipts for July, Aug, and Sep. HHS pays its payments in the following month. HHS had a cash balance of $2,000 on July 1, which is also its minimum required cash balance. There is an outstanding loan of $2,000 on July 1. Prepare a cash budget for July, Aug, and Sep.