On July 1. the beginning offer third quarter, the company will have a cash balance of $44.500. Actual sales for the last two months and budgeted sales for the third quarter follow (all sales are on account}: Past experience shave/s that 25% of a month s sales are collected in the month of sale. 70% in the month following sale, and 3% in the second month following sale. The remainder is uncollectible. Budgeted merchandise purchases and budgeted expend sees for the third quarter are given below: Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases on June 30. which will be paid during July. total $100.000. d. Equipment costing $10.000 will be purchased for cash during July. e. In preparing the cash budget assume that the $40.000 loan will be made in July and repaid in September. Interest on the loan will total $1200. Required: Prepare a schedule of expected cash collections for July. August, and September and for the quarter in total