Magenta Corporation has the following sales forecasts for the selected threemonth period for the current year:

Month Sales July P30,000 August 15,000 September 12,000 All sales are on account. Sixty percent of sales are collected in the month of the sale, and the remainder are collected in the following month.

Accounts receivable balance (July 1) Cash balance (July 1)

P28,000 17,000

Minimum cash balance is P13,000. Cash can be borrowed in P2,000 increments from the local bank (assume no interest charges).

What is the cash balance at the end of July, assuming that cash is received only from customers and that P53,000 is paid out during July?