I need help figuring this out Im stuck on the parts I got incorrect. Thank you for any help.

Exercise 20-32A Merchandising: Cash budget LO P4 Kelsey is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise for the next three months follow: points Budgeted Sales Cash payments for merchandise July $64,000 40, 400 August $80,000 33,600 September $48,000 34,400 Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $12,000 in cash; $45,000 in accounts receivable; $4,500 in accounts payable; and a $2,000 balance in loans payable. A minimum cash balance of $12,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,000 per month), and rent ($6,500 per month). (1) Prepare a cash receipts budget for July, August, and September (2) Prepare a cash budget for each of the months of July, August, and September. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a cash receipts budget for July, August, and September Total sales $ $ July 64,000 12,800 51,200 August $ 80,000 $ 16,000 64,000 September $ 48,000 $ 9,600 38,400 Cash sales 20% 80% Credit sales KELSEY Cash Receipts Budget For July, August, and September July August $ 12,800 $ 16,000 45,000 51,200 $ 57,800 $ 67,200 Cash sales Collections of accounts receivable Total cash receipts September $ 9,600 64.000 $ 73,600 Required 1 Required 2 > Exercise 20-32A Merchandising: Cash budget LO P4 Kelsey is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise for the next three months follow: points Budgeted Sales Cash payments for merchandise July $64,000 40,100 August $80,000 33,600 September $48,000 34,100 Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $12,000 in cash; $45,000 in accounts receivable; $4,500 in accounts payable; and a $2,000 balance in loans hum cash balance of $12,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. onth based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,000 per month), and rent ($6,500 per month). (1) Prepare a cash receipts budget for July, August, and September. (2) Prepare a cash budget for each of the months of July, August, and September. > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a cash budget for each of the months of July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar) KELSEY Cash Budget For July, August, and September July August $ 12,000 $ 12,000 12,800 16,000 45,000 51,200 69,800 79,200 Beginning cash balance Cash sales Collections on account Total cash available Cash payments for: September $ 33,500 9,600 64,000 107,100 Merchandise Sales commissions Office salaries Rent Interest on bank loan OOOOO 40,400 33,600 1,280 X 1,600 4,000 4,000 6,500 6,500 2003 34,400 960 % 4,000 6,500 0 Total cash payments 45,700 33,500 45,860 61,240 $ $ Preliminary cash balance Additional loan (loan repayment) Ending cash balance $ 33,500 $ 61,240 52,200 $ 17,600 (5,600) $ 12,000 Loan balance July $ 2,000 (5,600) $ (3,600) Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month August $ 0 0 S 0 September $ 0 0 % 0