Required Information [The following information applies to the questions displayed below.] Bull-Tight is preparing its master budget. Budgeted sales and cash payments follow: Sales to customers are 30% cash and 70% on credit. Sales in June were $64,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $35,000 in cash and $6,000 in loans payable. A minimum cash balance of $35,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $35,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is pald at each month-end. Any preliminary cash balance above $35,000 is used to repay loans at month-end. Expenses are pald in the month Incurred and consist of sales commissions ( 10% of sales), office salarles ( $5,000 per month), and rent ( $7,500 per month). 1. Prepare a schedule of cash recelpts for the months of July, August, and September. Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: Sales to customers are 30% cash and 70% on credit. Sales in June were $64,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $35,000 in cash and $6,000 in loans payable. A minimum cash balance of $35,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $35,000. 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 $35,000 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 (\$5,000 per month), and rent ( $7,500 per month). - Prepare a cash budget for the months of July. August, and September. (Negatlve balences and Loan repayment amounts (If any) hould be Indlcated with minus sign. Enter your flnal answers In whole dollers.)