XYZ Enterprises provided the following data for the month of January 2024:

Cash balance on January 1: $45,000

Receipts:

• Cash Sales: $50,000
• Collection from Accounts Receivable: $25,000
• Miscellaneous Income: $3,000

Payments:

• Salaries: $22,000
• Rent: $8,000
• Utilities: $3,000
• Vehicle Purchase: $10,000

Requirements:

1. Prepare the cash receipts journal for January 2024.
2. Prepare the cash payments journal for January 2024.
3. Prepare the cash budget for January 2024.
4. Determine the cash balance as of January 31, 2024.
5. Discuss the effect of vehicle purchase on the overall cash budget.