Kelsey is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise fo the next three months follow. Budgeted Sales Cash payments for merchandise July $62,500 43,400 August $81,500 32,100 September $49,500 32,900 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 $13,800 in cash; $51,000 in accounts receivable; $6,000 in accounts payable; and a $3,500 balance in loans payable. A minimum cash balance of $13,500 is required. Loans are obtained at the end of any month when a cash shortage occu 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 o 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 ($5,500 per month), and rent ($8,000 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 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.) Required 1 Required 2 Prepare a cash receipts budget for July, August, and September. July August September $ 81,500 $ 49,500 Total sales $ 62,500 Cash sales 15% Credit sales 85% KELSEY Cash Receipts Budget For July, August, and September July August September Cash sales Collections of accounts receivable Total cash receipts Required 1 Required 2 > Cash Budget For July, August, and September July August September Beginning cash balance $ 13,800 Total cash available Cash payments for: Total cash payments 0 0 0 Preliminary cash balance Ending cash balance Loan balance July August September 3,500 oan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month