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 Sales September $63,800 $80, 200 $48,200 Cash payments for merchandise 40,000 33,400 34,200 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 $12,500 in cash: 545,200 in accounts receivable: $4,700 in accounts payable, and a $2,200 balance in loans payable. A minimum cash balance of $12,200 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 ($4,200 per month), and rent ($6.700 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 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 $ 48,200 Total sales $ 63 800 S 80 200 Cash sales 20% Credit sales 80% KELSEY Cash Receipts Budget For July, August, and September July August Cash sales Collections of accounts receivable Total cash receipts September Required 2 >