Jess Company has $11,500 in cash on hand on January 1 and has collected the following budget data: E: (Click the icon to view the budget data.) Assume Jess has cash payments for selling and administrative expenses including salaries of $40,000 plus commissions of 1% of sales, all paid in the month of sale. The company requires a minimum cash balance of $9,000. Prepare a cash budget for January and February. Will Jess need to borrow cash by the end of February? Begin by preparing the cash budget for January, then prepare the cash budget for February (Complete all input fields. Enter a "0" for any zero balances.) Jess Company Cash Budget Two Months Ended January 31 and February 28 January - X Data Table Beginning cash balance Cash receipts February Cash available Sales $ January 1,300,000 $ 851,480 561,700 640,000 871,100 Cash receipts from customers Cash payments for merchandise inventory 532,393 Cash payments Purchases of merchandise inventory Selling and administrative expenses Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deficiency) Financing Print Done Borrowing Principal repayments Total effects of financing Ending cash balance Selling and administrative expenses Total cash payments Ending cash balance before financing PNG Hols. Minimum cash balance desired TO Projected cash excess (deficiency) Financing: Borrowing 0 0 0 0 Principal repayments Total effects of financing 0 0 38 Ending cash balance DAFA Will need to borrow cash by the end of February? will not need to borrow cash by the end of February because the ending cash balance before financing is greater than the minimum cash balance required