Required information [The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Sales to customers are 20% cash and 80% on credit. Sales in June were $55,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $41,000 in cash and $4,700 in loans payable. A minimum cash balance of $41,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $41,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $41,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions ( 10% of sales), office salaries ( $3,700 per month), and rent ( $6,200 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. Part 2 of 2 \begin{tabular}{|l|c|c|c|} \hline \hline \multicolumn{2}{|c|}{ Loan balance } & & \\ \hline & July & August & September \\ \hline Loan balance - Beginning of month & & & \\ \hline Additional loan (loan repayment) & & & \\ \hline Loan balance - End of month & & & \\ \hline \hline \end{tabular}