Required information [The following information applies to the questions displayed below] Bult-Tight is preparing its master budget. Budgeted sales and cash payments follow: Soles to customers are 25% cash and 75% on credit. Sales in June were $60,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $25,000 in cash and $5,500 in loans payable. A minimum cash balance of $25,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $25,000. 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 $25,000 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 (\$4,500 per month), and rent (\$7,000 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. 2. Prepare a cash budget for the months of July, August, and September. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Enter your final answers in whole dollars. \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Loan balance } \\ \hline Loan balance - Beginning of month & & August & September \\ \hline Additional loan (loan repayment) & & & \\ \hline Loan balance - End of month & & & \\ \hline \end{tabular}