Jones Consulting, a service company, budgeted the following for July, August, and September:

	July	August	September
Cash Receipts (excluding any funds received from loans)	$235,000	$240,000	$245,000
Operating Expenses (includes salaries of $30,000 and $10,000 of depreciation expense; excludes any repayment of loans or interest expense)	$235,000	$246,950	$250,000

All cash operating expenses are paid in the month incurred. According to a credit agreement with its bank, Jones requires a minimum cash balance of $20,000 at each month-end. In return, the bank has agreed that the company can borrow up to $100,000 at an annual interest rate of 12%, with interest paid monthly on the last day of each month. The interest is computed based on the loan balance at the beginning of the month. The company repays loan principal with any cash in excess of $20,000 on the last day of each month. On July 1, Jones had a the following balances: cash, $5,000; loan payable, $0. Prepare monthly cash budgets for July, August, and September. Answers in the first (left) column should contain words. Answers in the other three columns should contain numbers.

Do not use commas, dollar signs, or decimals in your numbers. Round to the nearest whole dollar, if necessary. For any negative balances or loan repayments, use parenthesis in your answers.

	July	August	September
Beginning cash balance
Add:
Total cash available
Less: Cash payments for
Total cash payments
Preliminary cash balance
Loan activity
Additional loan from bank
Repayment of loan to bank
Ending cash balance
Loan balance, end of month