Kelsey is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise for the next three months follow Sales Cash payments for merchandise $62,000 $82,000 $50,000 44,400 31,600 13,500 Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $14,300 in cash; $53,000 in accounts receivable: $6,500 in accounts payable: and a $4,000 balance in loans payable. A minimum cash balance of $14.000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month. Operating expenses are paid nthe month incurred and consist of sales commissions 10% of sales office salaries $6,000 per month), and rent ($8,500 per month). (1) Prepare a cash receipts budget for July, August, and September (2) Prepare a cash budget for each of the months of July. August, and September Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a cash receipts budget for July, August, and September Complete this question by entering your answers In the tabs below Required 1 Required 2 Prepare a cash receipts budget for July, August, and September. July August September Total sales $62,000 82,000 50,000 Cash sales 20% Credit sales 80% KELSEY Cash Receipts Budget For July, August, and September July August September Cash sales Collections of accounts receivable Total cash receipts wsas Prepare a cash budget for each of the months of 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 whole.dollar.). KELSEY Cash Budget For July, August, and September July August September Beginning cash balance 14,300 Total cash available Cash payments for Total cash payments Preliminary cash balance Ending cash balance Loan balance July August September Loan balance- Beginning of month4,000 Additional loan (loan repayment) Loan balance- End of month