Question 1 (48 marks) Enterprise Ltd has forecast its sales revenues and inventory purchases for the last five months of 2020 to be as follows: August September October November December $ $ $ $ $ Sales 26,000 $ 19,000 $ 31,000 $ 39,000 $ 25,000 $ Purchases 19,000 19,000 35,000 21,000 22,000 More information is below. In addition, its minimum required cash balance is $5,000. If there is a cash balance in excess of $5,000, Enterprise Ltd will pay down any outstanding debt (if applicable) Proportion of sales on credit Accounts receivable collected month after sale Accounts receivable collected two months after sale Accounts receivable nerer collected (bad debts) Purchases are paid for 1 month after they occur Cash on hand at September 30 Outstanding debt at September 30 75% 75% 20% 5% $ $ 7,000 2,000 a) Prepare a schedule of cash receipts for October, November, and December b) Prepare a cash budget for the same period