Use the following information to prepare the July cash budget for Acco Company ore the "Loan activity" section of the budget a. Beginning cash balance on July 1: $69,000. b. Budgeted cash receipts from sales: 20% is collected in the month of sale, 50% in the next month, and 30% in the second month after sale. Sales amounts are May (actual), \$1,790,000; June (actual). $1,290,000; and July (budgeted), $1,470,000. c. Budgeted cash payments on merchandise purchases: 75% in the month of purchase and 25% in the month following purchase. Purchase amounts are June (actual), $410,000; and July (budgeted), $730,000. d. Budgeted cash payments for salaries in July: $220,000. e. Budgeted cash payments for sales commissions for July: $260,000. f. Budgeted cash payment for income taxes in July: $90,000. 9. Budgeted cash payment for loan interest in July: $7,500. Complete this question by entering your answers in the tabs low. Calculate the budgeted cash receipts and cash payments. Prepare the July cash budget for Acco Company