Sushi House has budgeted sales revenues as follows: Credit sales: June $85,000, July $80,000, August $72,000. Cash sales: June $14,000, July $25,000, August $32,000. Total sales: June $99,000, July $105,000, August $104,000. Past experience indicates that 70% of the credit sales will be collected in the month of sale and the remaining 30% will be collected in the following month. Purchases of inventory are all on credit and 60% is paid in the month of purchase and 40% in the month following purchase. Budgeted inventory purchases are: June $45,000, July $43,000, August $40,000. Other cash disbursements budgeted: selling and administrative expenses of $14,000 each month, dividends of $30,000 will be paid in July, and the purchase of a computer in August for $3,000 cash. The company wishes to maintain a minimum cash balance of $20,000 at the end of each month. The company borrows money from the bank at 9% interest if necessary to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on July 1 was $25,000. All amounts borrowed during a month are borrowed on the first day. The loan balance as of July 1 is $26,000. Instructions: Prepare a cash budget for the month of July. Incorporate into your solution appropriate schedules for expected collections from customers and expected payments for purchases of inventory.