Kelsey is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Budgeted July August Sales Cash payments for merchandise purchases $62,000 44,400 $ 82,000 31,600 September $ 50,000 13,500 Sales are 20% cash and 80% on credit. Sales in June were $58,250. All credit sales are collected in the month following the sale. The June 30 balance sheet Includes balances of $14,300 in cash and $7,000 in loans payable. A minimum cash balance of $8,000 Is required. Loans are obtained at the end of any month when the preliminary cash balance is below $8,000. 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 $8,000 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 ($6,000 per month), and rent ($8,500 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 $ 14,300 $ 8,000 Add: Cash receipts from sales 59,000 66,000 75,600 Total cash available 73,300 74,000 75,600 Cash payments for: Merchandise 44,400 31,600 13,500 Sales commissions 6,200 8,200 5,000 Office salaries 8,000 8,000 8,000 Rent 8,500 8,500 8,500 Interest on bank loan 70 0 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 65,170 54,300 33,000 Loan balance July August September S 7,000