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Exercise 20-32A (Algo) Merchandising: Cash budget and schedule of cash receipts LO PA Kelsey is preporing its master budget. Budgeted sales and cash payments for merchandise purchases for the neat three months follow. Sales are 20% cash and 80% on credit. Sales in June were $57350. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $13,400 in cash and $6,100 in loans payable. A minimum cash balance of $13,000 is required. Loans are obtained at the end of any month when the preiminary cash balance is below $13,000. Interest is 2$ per month based on the beginning-of the month loan balance and is paid at eoch month-end. If a preliminary cash balance above $13,000 at month-end exists, loans are repaid from the excess. Expenses are paid in the month incured and consist of sales commissions (5\% of sales), office salaries {$5,100 per month), and rent (\$7,600 per month). (1) Prepare a schedule of cash receipts 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 eash receipts from sales for July, August, and September