Jess Company has $13,000 in cash on hand on January 1 and has collected the following budget data: a (Click the icon to view the budget data.) Assume Jess has cash payments for selling and administrative expenses including salaries of $44,000 plus commissions of 3% of sales, all paid in the month of sale. The company requires a minimum cash balance of $12,000. 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 elds. Enter a '0" for any zero balances.) Data table February Beginning cash balance January February Cash receipts Sales 1,350,000 $ 690,000 Cash available Cash receipts from customers 851,530 871,900 Cash payments: Cash payments for merchandise inventory 561,300 532,224 Purchases of merchandise inventory Selling and administrative expenses Total cash payments Ending cash balance before nancing Minimum cash balance desired Projected cash excess (deciency) Financing: Borrowing Drinninnl rnnavmnnf: Jess Company has $13,000 in cash on hand on January 1 and has collected the following budget data: (Click the icon to view the budget data.) Assume Jess has cash payments for selling and administrative expenses including salaries of $44,000 plus commissions of 3% of sales, all paid in the month of sale. The company requires a minimum cash balance of $12,000. Prepare a cash budget for January and February. Will Jess need to borrow cash by the end of February? Beginning cash balance Cash receipts Cash available X Cash payments: Data table Purchases of merchandise inventory Selling and administrative expenses January February Total cash payments Sales $ 1,350,000 $ 690,000 Ending cash balance before financing Cash receipts from customers 851,530 871,900 Minimum cash balance desired Cash payments for merchandise inventory 561,300 532,224 Projected cash excess (deficiency) Financing: Borrowing Principal repayments Print Done Total effects of financing Ending cash balance Will Jess need to borrow cash by the end of February? Jess need to borrow cash by the end of February