Prepare a cash budget for the months of July, August, and September. $($Negative balances and Loan repayment amounts $($if any$)$

should be indicated with minus sign. Enter your final answers in whole dollars.$)$ Sales to customers are $20\%$ cash and $80\%$ on credit. Sales in June were $$54,500.$ All credit sales are collected in the month following the sale. The June $30$ balance sheet includes balances of $$43,000$ in cash and $$4,600$ in loans Prepare a cash budget for the months of July, August, and September. $($Negative balances and Loan repayment amounts $($if any$)$

should be indicated with minus sign. Enter your final answers in whole dollars.$)$

payable.

A minimum cash balance of $$43,000$ is required. Loans are obtained at the end of any month when the preliminary cash balance is below $$43,000.$ Interest is $1\%$ per month based on the beginning$-$of$-$the$-$month loan balance and is paid at each month$-$end. Any preliminary cash balance above $$43,000$ is used to repay loans at month$-$end. Expenses are paid in the month incurred and consist of sales commissions $(10\%$ of sales$),$ office salaries $($$$3,600$ per month$),$ and rent $($$$6,100$ per month.

$2.$ Prepare a cash budget for the months of July, August, and September.