Use the following information to prepare the July cash budget for Acco Company. Ignore the Loan activity section of the budget Beginning cash balance on July 1: $68,000. Budgeted cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale. Sales amounts are May (actual), $1,990,000; June (actual), $1,500,000; and July (budgeted), $1,390,000. Budgeted cash payments on merchandise purchases: 85% in the month of purchase