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 $62,700 43,000 August $81,300 32,300 September $49,300 33,100 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 $13,600 in cash; $50,000 in accounts receivable; $5,800 in accounts payable; and a $3,300 balance in loans payable. A minimum cash balance of $13,300 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 ($5,300 per month), and rent ($7,800 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. 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 Beginning cash balance Cash sales Total cash available Cash payments for: Merchandise Sales commissions Office salaries Rent Interest on bank loan Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance July August September $ 13,600 0 0 0 Loan balance July August September Loan balance - Beginning of month $ 3,300 Additional loan (loan repayment) Loan balance - End of month