Ojai Products, a distributor of organic beverages, needs a cash budget for September The following information is available a. The cash balance at the beginning of September is $12,800 b. Actual sales for July and August and expected sales for September are as follows: July August September Cash sales 6,100 4,100 9,500 Sales on account 21,000 26,000 37.000 Total sales 27,100 30.100 46.500 Sales on account are collected over a three-month period as follows: 10% collected in the month of sale, 65% collected in the month following sale, and 21% collected in the second month following sale. The remaining 4% is uncollectible c. Purchases of inventory will total $25,000 for September Thirty percent of a month's inventory purchases are paid for during the month of purchase. The accounts payable remaining from August's inventory purchases total $16,000, all of which will be paid in September d. Selling and administrative expenses are budgeted at $14,000 for September. Of this amount, $4,000 is for depreciation. e. Equipment costing $18,000 will be purchased for cash during September and dividends totaling $4,000 will be paid during the month. f. The company maintains a minimum cash balance of $8,800. An open line of credit is available from the company's bank to bolster the cash balance as needed Required 1. Prepare a schedule of expected cash collections for September (Do not round intermediate calculations.) Ojai Products Schedule of Expected Cash Collections September cash sales 9,500 September collections on account July sales 4,410 August sales 16,900 September sales 3,700 34,510 Total cash collections