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.

Kelscy is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise for the next three months follow. 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 balahces of $12,700 in cash; $46,500 in accounts recelvable; $4,900 in accounts payable; and a $2,400 balance in loans payoble. A minimum cash balance of $12,400 is required. Loans are obtained at the end of any month when a cash shortage occurs: interest is 18 per month based on the beginning-of-the-month loan balance and is paid at each month-end. If an excess balance of cosh exists, loons 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 (\$4,400 per month), and rent (\$6,900 per month). (1) Prepare a cash recelpts budget for July, August, and September. (2) Prepare a cash budget for each of the months of July. August, and Septembet. (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 receipts budget for July, August, and September. KELSEY Cash Budget For July, August, and September