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	July					August					September
Sales		$	64,000				$	80,000				$	48,000
Cash payments for merchandise			40,400					33,600					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 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 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 0 erences Total cash available Cash payments for Total cash payments Preliminary cash balance Ending cash balance Loan balance July 5 5.000 August September Loan balance Beginning of month Aditional loan dan repayment Loan-End of month SAMSUNG DOR