Kelsey is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Sales are 20% cash and 80% on credit. Sales in June were $56.250. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash and $5,000 in loans payable. A minimum cash batance of $15,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $15.000. 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 $15,000 at month-end exists, loans are repald from the excess. Expenses are paid in the month incurred and consist of sales commissions (10\%, or sales), office salaries ( $4,000 per month) and rent (\$6,500 per month). 1) Prepare a schedule of cash receipts from sales for July. August, and Septembet. (2) Prepare a cash budget for July, August, and September. Complete this question by entering your answers in the tabs below. Prepare a schedule of cosh receipts from sales for July, August, and September. Sales are 20% cash and 80% on credit. Soles in June were $56,250. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash and $5,000 in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $15,000. 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 $15,000 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 ( $4,000 per month), and rent ($6,500 per month). (1) Prepare a schedule of cash recelpts from soles for July, August, and September. (2) Prepare a cash budget for July, August, and Septembet. Complete this question by entering your answers in the tabs below. Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (f any) should be indicated with minus sign. Round your final anawers to the nearest dotiar.)