Samana, Inc. prepared cash estimates for the 3^rd quarter of 2021 (3-months). The following estimates were developed for certain items:

	July	August	September
Cash sales	P 60,000	P 80,000	P 110,000
Credit sales	30,000	60,000	90,000
Purchases	60,000	55,000	75,000
Payroll	20,000	25,000	35,000
Other expenses	15,000	20,000	25,000

In June, credit sales totaled P90,000 and purchases totaled P50,000. May credit sales were P120,000. Accounts receivable collections amount to 30% in the month after the sale and 60% in the second month after the sale; 10% of the receivables are never collected. Payroll and other expenses are paid in the month incurred. Seventy five percent of the purchases are paid in the month incurred and the remainder is paid in the following month. A P25,000 tax payment is due on August 30. The cash balance was P60,000 on July 1 and the company maintain a minimum cash balance of P50,000. Any deficiency in cash can be withdrawn from the credit line of the company from the bank at the beginning of the month cash is required and paid at the end of the month when funds are available. Loans will be made on a multiple of ten thousand. Interest rate of the credit line is 12% p.a.

Required:

1. Prepare a cash budget for the 3-month period, July through September. Also add one column for the total of the quarter balance.
2. What is the balance of accounts receivable and accounts payable as of Sept. 31?