The following information is available from the controller's records for Penelope, Ltd.: 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 disbursements for operating expenses in July were $8,000. Prepare a cash budget for July and indicate by writing in the answer if the balance is an excess or a deficit