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. Budgeted Sales Cash payments for merchandise July $64,000 40,400 August $80,000 33,600 September $48,000 34,400 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 $15,000 in cash; $45,000 in accounts receivable: $4,500 in accounts payable; and a $5,000 balance in loans payable. A minimum cash balance of $15,000 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 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 cash receipts budget for July, August, and September (2) Prepare a cash budget for each of the months of July, August, and September ces 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 64.000 $ 80,000 $ 48,000 $ Total sales Cash sales Credit salos 20% 80% KELSEY 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 September Total sales July 64,000 $ August 80,000 $ $ 48,000 Cash sales Credit sales 20% 80% KELSEY Cash Receipts Budget For July, August, and September July August September Cash sales Collections of accounts receivable Total cash receipts Required 2 > 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 $ 15,000 September Beginning cash balance Total cash available Cash payments for nces Total cash payments Preliminary cash balance Ending cash balance Loan balance August September July 5,000 s Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month