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 $$57,150.$ All credit sales are collected in the month following the sale. The June $30$ balance sheet includes balances of $$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 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 schedule of cash receipts from sales for July, August, and September.

KELSEY

Schedule of Cash Receipts from Sales

$\backslash$table$[[,$July,August,September$],[$ales$,$$$,63,100,$$$,80,900,$$$,48,900],[$ash receipts from,,,,,,$],[$Cash sales,,,,,,$],[$Collections of prior period sales,,,,,,$],[$al cash receipts,,,,,,$]]$

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