Question 1 (Elements: 1.1, 1.2, 2.1, 2.2, 3.1, 3.2) Cash Budgets Accrual Basis for GST Ms Bubbly Kendrew is an Events Organiser within the western suburbs of Perth. She is registered for GST and accounts for GST on an accrual basis The following are net sales for her services from August to December and these are budgeted for the December quarter (i.e., October to December months). Net sales are as follows: Months August September October November December Sales $4,000 $2,000 $4,500 $7,000 $2,500 Sales are 70% on credit and cash of 30%. Ms Bubbly has debtors (accounts receivables) and have the following payment patterns 70% in the month of sale and receive a 5% discount. 25% in the month after sale 5% in the second after sale GST payable for the September quarter, paid in October month is $3,100. Required: Prepare the following for the months of October to December (i.e., December quarter) a) Accounts Receivable Budget b) Cash Budget (showing the receipts only - cash and credit sales)