Soles are 20% cash and 80% on credit Sales in June were $56,950. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $13,000 in cash and $5,700 in loans payable. A minimum cash balance of $14,000 is required, Loans are obtained at the end of any month when the preliminary cash balance is below $14,000. Interest is 2% per month based on the beginning-of-the-month loan balance and is paid at each month-end. If a preliminary cash balance above $14,000 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and consist of sales commissions ( 5% of sales), office salaries (\$4,700 per month), and rent (\$7,200 per month). (1) Prepare a schedule of cash recelpts from sales for July, August, and September. (2) Prepare a cash budget for July. August, and September. Complete this question by entering your answers in the tabs below. Prepare a schedule of cash receipts from sales for July, August, and September