Kelsey is preparing its master budget Budgeted sales and cash payments for merchandise purchases for the next three months follow Sales Cash payments for merchandise purchases $62,500 $81,500 17.100 $ 49,500 32,900 Sales are 20% cash and 80% on credit. Sales in June were $57,750. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $13,800 in cash and $6,500 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 below $12,000. Interest is 2% per month based on the beginning-of-the-montloan balance and is paid at each month-end. 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 (5% of sales), office salaries ($5,500 per month), and rent ($8,000 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