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 $$56,250.$ All credit sales are collected in the month

following the sale. The June $30$ balance sheet includes balances of $$15,000$ in cash and $$5,000$ in loans payable. A

minimum cash balance of $$15,000$ is required. Loans are obtained at the end of any month when the preliminary cash

balance is below $$15,000.$ 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 $$15,000$ 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 $($ $$4,000$ per

month$),$ and rent $($ $$6,500$ 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.

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 dollar.$)$