Kelsey is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow Budgeted July August September Sales $62,500 $ 81,500 $ 49,500 Cash payments for merchandise purchases 43,400 32,100 32,900 Sales are 20% cash and 80% on credit. Sales in June were $52750. 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 month loan balance and is paid at each month end. If a preliminary cash balance above $12,000 at month-end exists, loans are repold 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 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 August September $ 62,500 $ 81.500 $ 40.500 Sales Cash receipts from Cash salos (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 July August September Sales $ 62,500 $ 81,500 $ 49,500 Cash receipts from Cash salos Collections of prior period sales Total cash receipts Recure Required 2 > Kelsey is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow Budgeted July August September Sales $62,500 $ 81,500 $ 49,500 Cash payments for merchandise purchases 43,400 32,100 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-month loan 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a cash budget for July August, and September. (Negative balonces and Loan repayment amounts (if any) should be indicated with minus slon. Round your final answers to the nearest whole dollar) KELSEY Cash Budget July August September Beginning cash balance Add Cash receipts from salos indicated with minus sign. Round your final answers to the nearest whole dollar) KELSEY Cash Budget July August September Beginning cash balance Add: Cash receipts from sales Total cash available 0 0 0 Cash payments for Collections on account Merchandise Sales commissions Office salaries Rent Interest on bank loan Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 0 0 0 $ 54,022 Loan balance July August September $ 6,500 Loan balance. Beginning of month Additional loan (loan repayment) Loan balance - End of month $ 0