Kelsey is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Budgeted Sales July August $ 80,600 Cash payments for merchandise purchases $63,400 41,600 September $ 48,600 33,000 33,000 Sales are 20% cash and 80% on credit. Sales in June were $56,850. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $12,900 in cash and $5,600 in loans payable. A minimum cash balance of $11,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $11,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $11,000 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,600 per month), and rent ($7,100 per month). (1) Prepare a schedule of cash receipts from sales for July, August, and September. (2) Prepare a cash budget for July, August, and September. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a cash budget for 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 July August September Beginning cash balance Add: Cash receipts from sales Prepare a cash budget for July, August, and September. (Negative balances and Loan rep indicated with minus sign. Round your final answers to the nearest whole dollar.) KELSEY Cash Budget July August September Beginning cash balance Add: Cash receipts from sales Total cash available 0 Cash payments for: Merchandise Sales commissions Office salaries Rent Interest on bank loan Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month Loan balance July $ 0 5,600 0 August 0 0 September 0