Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 80 percent of their fees in the month the service is provided. In the month following service, Paul collects 15 percent of service fees. The final 5 percent is collected in the second month following service. Paul purchases his supplies on credit, and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase of the supplies Paul purchases, 70 cent is used in the month of purchase, and the remainder is used in the month following purchase The following information is available for the months of June, July, and August, which are Paul's siest months June 1 cash balance $16,900, June 1 supplies on hand $4700. June 1 accounts receivable $9,700 June 1 accounts payable $4,600. Estimated sales for June, July, and August are $29,100, $43,700, and $46,900, respectively Sales during May were $27.500, and sales during April were $19,500 Estimated purchases for June, July, and August are $10,600, $20,400, and $14,700, respectively, Purchases in May were $5,800. Required: 1. Compute budgeted cash receipts and budgeted cash payments for each month. 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute budgeted cash receipts and budgeted cash payments for each month. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute budgeted cash receipts and budgeted cash payments for each month. June July August Budgeted Cash Receipts Budgeted Cash Payments Required Required 2 > Compute the balances necessary to prepare a budgeted balance sheet for August Balances for August 31 Budgeted Balance Sheet Cash June 1 Balance Add: Total Cash Receipts Less: Total Cash Payments August 31 Balance Supplies Inventory 30% of August Purchases Accounts Receivable 20% of August Sales 5% of July Sales Balance at August 31 Accounts Payable 0 50% of August Purchases