Kelsey is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Budgeted Sales Cash payments for merchandise purchases July $63,100 42,200 August $ 80,900 32,700 September $ 48,900 33,500 Sales are 20% cash and 80% on credit. Sales in June were $57,150. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $13,200 in cash and $5,900 in loans payable. A minimum cash balance of $13,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $13,000. Interest is 2% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $13,000 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and consist of sales commissions (5% of sales), office salaries ($4,900 per month), and rent ($7,400 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. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar. Beginning cash balance Total cash available Cash payments for: KELSEY Cash Budget July August September Kelsey is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Budgeted Sales Cash payments for merchandise purchases July $63,100 42,200 August $ 80,900 32,700 September $ 48,900 33,500 Sales are 20% cash and 80% on credit. Sales in June were $57,150. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $13,200 in cash and $5,900 in loans payable. A minimum cash balance of $13,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $13,000. Interest is 2% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $13,000 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and consist of sales commissions (5% of sales), office salaries ($4,900 per month), and rent ($7,400 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 schedule of cash receipts from sales for July, August, and September. KELSEY Schedule of Cash Receipts from Sales Sales Cash receipts from Cash sales Collections of prior period sales Total cash receipts July August September $ 63,100 $ 80,900 $ 48,900 < Required 1 Required 2 >