PROBLEM 1 The following information pertains to PaddlePop Corporation: Month Sales Purchases July $60.000 $20.000 August 68.000 24.000 76.000 28.000 September October November 84.000 32.000 96.000 36.000 December 120.000 40.000 Cash is collected from customers in the following manner: o Month of sale 30% o Month following sale 50% o Two months following sale 15% O Amount uncollectible 5% 60% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Required: 1. Prepare a summary of cash collections for the 4th quarter. 2. Prepare a summary of cash disbursements for the 4th quarter