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 are 15% cash and 85% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet Includes balances of $13,400 in cash; $49,000 in accounts recelvable; $5,600 in accounts payable; and a $3,100 balance in loans payable. A minimum cash balance of $13,100 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 2% 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 ( 5% of sales), office salaries ( $5,100 per month), and rent ( $7,600 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. Prepare a cash reoeipts budget for July, August, and September. (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. Prepare a cash receipts budget for July, August, and September. 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.)