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 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, 85 percent is used in the month of purchase, and the remainder is used in the month following purchase 80 percent of their fees in the month the service is provided. In The following information is available for the months of June, July, and August, which are Paul's busiest months: June 1 cash balance $15,800 June 1 supplies on hand $4,200 June 1 accounts receivable $8,800 . June 1 accounts payable $4,100 Estimated sales for June, July, and August are $26,400, $39,600, and $42,000, respectively Sales during May were $24,400, and sales during April were $17,600 Estimated purchases for June, July, and August are $9,800, $18,600, and $13,200, respectively Purchases in May were $5,400 Required 1. Compute budgeted cash receipts and budgeted cash payments for each month June July August Budgeted Cash Receipts Budgeted Cash Payments 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts: alances for August 31 Budgeted Balance Sheet Cash June 1 Balance Add: Total Cash Receipts Less: Total Cash Payments August 31 Balance Supplies Inventory 15% of August Purchases Accounts Receivable 20% of August sales 5% of July sales Balance at August 31 Accounts Payable 50% of August Purchases