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Kelsey is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise for the next three months follow. Sales Cash payments for merchandise Buly $63,000 42,400 August $81,000 32,600 September $49,000 33,400 Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $13,300 in cash; $48,600 in accounts receivable: $5,500 in accounts payable; and a $3.000 balance in loans payable. A minimum cash balance of $13,000 is required. Loans are obtained at the end of any month when a cash shortage occurs. Interest is 1% per month based on the beginning-ofthe-month loan balance and is paid at each month-end. If an excess balance of cash exists, loans are repaid at the end of the month Operating expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($5,000 per month), and rent ($7,500 per month). (1) Prepare a cash receipts budget for July, August, and September (2) Prepare a cash budget for each of the months of July, August, and September September KELSEY Cash Budget For July, August, and September July August $ 13,300 $ 13,000 48,600 50,400 12,600 16,200 74,500 79,600 64,800 9,800 Beginning cash balance Collections on account Cash sales Total cash available Cash payments for Merchandise Office salaries Rent Sales commissions Interest on bank loan BIOS 42,400 32,600 5,000 5,000 7.500 7,500 6,300 8,100 3027 33,400 5,000 7,500 4.900 SMO 50.800 Total cash payments Preliminary cash balance Additional loan loan repayment $ 61.230 13.270 (270) $ 53.227 26,373 13.643 0 Cash payments for Merchandise Office salaries Rent Sales commissions Interest on bank loan 42.400 5,000 7,500 6,300 30 32,600 5,000 7,500 8,100 27 33.400 5,000 7,500 4,900 0 50,800 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance S 61,230 13,270 (270) 13,000 53,227 26,373 13,643 Loan balance July September August 2,730 $ 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month 3.000 (270) 2,730 $