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 $56,450. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $12,500 in cash and $5.200 in loans payable. A minimum cash balance of $12,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is belowr $12,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each montheend. If a preliminary cash balance above $12,000 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 ($4,200 per month), and rent (\$6,700 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. Prepare a schedule of cash receipts from sales for July, August, and September. Complete this question by entering your answers in the tabs below. Prepare a schedule of cash receipts from sales for July, August, and September. Prepare a cash budget for July, August, and September. (Negative balances and Loan rep indiratad with minue cinn Dnund wanur final ancuware tn tha noaract whala dnllar) Loan balance \begin{tabular}{|l|c|c|c|} \hline & \multicolumn{1}{|c|}{ July } & \multicolumn{1}{|c|}{ August } & September \\ \hline Loan balance - Beginning of month & $ & & \\ \hline Additional loan (loan repayment) & & & \\ \hline Loan balance - End of month & & & \\ \hline \end{tabular} Required 1