Personal Budget At the beginning of the school year, Priscilla Wescott decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: $7,030 Cash balance, September 1 (from a summer job) Purchase season football tickets in September 100 Additional entertainment for each month 240 Pay fall semester tuition in September 3,800 Pay rent at the beginning of each month 340 Pay for food each month 190 500 Pay apartment deposit on September 2 (to be returned December 15) Part-time job earnings each month (net of taxes) 870 a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except cash decrease which should be indicated with a minus sign. Priscilla Wescott Cash Budget For the Four Months Ending December 31 September October Estimated cash receipts from: Part-time job November December Deposit Total cash receipts Less estimated cash payments for: Season football tickets Additional entertainment Tuition Rent Food Deposit Total cash payments II (0) Cash increase (decrease) Plus cash balance at beginning of month Cash balance at end of month Feedback b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? Static c. What are the budget implications for Priscilla Wescott? Priscilla can see that her present plan will not provide sufficient cash. If Priscilla did not budget but went ahead with the original plan, she would be $ short at the end of December, with no time left to adjust