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 50 percent of their fees in the month the service is provided. In the month following service, Paul collects 40 percent of service fees. The final 10 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, Bo percent 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 busiest months ht June 1 cash balance $14,900. June 1 supplies on hand $3,900. June 1 accounts receivable $8,200 June 1 accounts payable $3,800 Estimated soles for June, July, and August are $24,600, $36,900 and $39,000, respectively, Soles during May were $22,600, and sales during April were $16,400. Estimated purchases for June, July, and August are $9.200, $17,400, and $12,300, respectively, Purchases in May were $5100 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, hana August Budgeted Cash Recipes Budgeted Cash Payment Required 2 > 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 50 percent of their fees in the month the service is provided. In the month following service, Paul collects 40 percent of service fees. The final 10 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, 80 percent 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 busiest months June 1 cash balance $14,900. June 1 supplies on hand $3,900. June 1 accounts receivable $8.200 June 1 accounts payable $3,800. Estimated sales for June, July, and August are $24,600, $36,900, and $39,000, respectively. Sales during May were $22,600 and sales during April were $16,400. Estimated purchases for June, July, and August are $9,200, $17,400, and $12,300, respectively, Purchases in Moy were $5100 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 the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts Balances for August 31 budgeted balance that Cash June Balance Add Total Cash Reco Low: Total Cash Payments August 31 Balance Supplies inventory 20% of August Purchase