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 562,300 43,800 August $81,700 31,900 September $49,700 32,700 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 $14.000 in cash: $51,500 in accounts receivable: $6,200 in accounts payable, and a $3,700 balance in loans payable. A minimum cash balance of $13,700 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 ($5.700 per month), and rent ($8,200 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) KELSEY Cash Budget For July August, and September July August $ 14.000 September Beginning cash balance Total cash available Cash payments for O Total cash payments Preliminary cash balance