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 $62,600 43,200 August $ 81,400 32,200 September $ 49,400 33,000 Sales are 20% cash and 80% on credit. Sales in June were $57,650. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $13,700 in cash and $6,400 in loans payable. A minimum cash balance of $9,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $9,000. 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 $9,000 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 ($5,400 per month), and rent ($7,900 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.