Question 3 In July 2022, MT Company incurs credit purchase and other expenses as follows: Credit Credit Office Selling Month Purchase Sales Expenses Expenses Manufacturing Wages Expenses ($) ($) ($) ($) ($) ($) May 40,000 70,000 4,000 2,000 3,000 10,000 June 20,000 80,000 2,000 3,000 4,000 10,000 July 50,000 75,000 3,000 5,000 3,500 10,000 August 50,000 60,000 6,000 4,500 4,000 10,000 The cash balance as on 1 July 2022 is $5,000. Advance tax of $2,000 is payable in August 2021. Period of credit sales allowed is 1 month. Credit period authorized by suppliers is two months, the payment lag for manufacturing and office cost is 0.5 month, and the pay in advance for selling cost is one month. Prepare the cash budget for the July 2022. (9 marks) [Total: 9 Marks]