Wylie, Addis and Mayer LLC (WAM) are in the process of preparing their cash budget for the month of uly. They have provided you with the following sales budget Month: May July August June Sales: $40,000 S50,000 $60.000 $70.000 Based on past experience 20% of all sales are cash sales while the remainder are credit sales. The typical collection pattern for credit sales is 25% in the month of sale, 50% in the first month following sale and 20% in the second month following sale. There is an estimated uncollectible rate of 5%. The ending cash balance on June 30 is projected to be $6,000. Budgeted costs for the month of July are as follows: July Purchases of supplies $20,000 (1/2 are paid for in the month of purchase; 1/2 in the next month) (Same payment policy as noted above). . June Purchases of supplies Salaries Administrative Rent Minimum cash balance needed to start a month $10,000 $25,000 $30,000 $ 3,000 (includes $8,000 of depreciation expense). . 5,000 Required: 1. Prepare a schedule of Budgeted Cash Receipts for July WAM LLC Budgeted Cash Receipts for July From: Schedule I May Credit Sales: C June Credit Sales: C July Cash: Credit: C Total (continued)