QUESTION 1 The Shoppe has forecast its sales revenues and purchases for the last 5 months of 20X9 to be as follows: August September October November December Sales $25,000 15,000 25,000 30,000 26,000 Purchases $17,000 19.5000 29,000 20,000 24,000 65% of sales are on credit. On the basis of past experience, 50% of the accounts receivable are collected the month after the sale and the remainder are collected 2 months after the sale. Purchases are paid 30 days after they are incurred. The firm had a cash balance of $5,000 as of September 30th, and its minimum required cash balance is $4,000. It had no beginning loan balance. REQUIRED: Prepare a cash budget for October, November, and December