Sales purchases May $60,000 $20,000 June $70,000 $30,000 July $80,000 $25,000 All sales are on credit. Records show that 80 percent of the customers pay during the month of the sale, 15 percent pay the month after the sale, and the remaining 5 percent pay the second month after the sale. Purchases are all paid the following month at a 1 percent discount. Cash disbursement for operating expenses in July was $8,000. Prepare the cash budget for July for Penelope Ltd