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 $63,700 41,000 August $80,300 33,300 September $48,300 34,100 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 $12,600 in cash; $42,400 in accounts receivable; $4,800 in accounts payable; and a $2,300 balance in loans payable. A minimum cash balance of $12,300 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 ($4,300 per month), and rent ($6,800 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. July August September Total sales $ 63,700 $ 80,300 $ 48,300 Cash sales 20% Credit sales 80% KELSEY Cash Receipts Budget For July, August, and September Cash sales Collections of accounts receivable Total cash receipts July August September Required 1 Required 2 >