Kelsey is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow.

Sales are \(20 \%\) cash and \(80 \%\) on credit. Sales in June were \(\$ 56,250\). All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of \(\$ 15,000\) in cash and \(\$ 5,000\) in loans payable. A minimum cash balance of \(\$ 15,000\) is required. Loans are obtained at the end of any month when the preliminary cash balance is below \(\$ 15,000\). Interest is \(1 \%\) per month based on the beginning-of-themonth loan balance and is paid at each month-end. If a preliminary cash balance above \(\$ 15,000\) at month-end exists, loans are repaid from the excess. Expenses are paid in the month incurred and consist of sales commissions ( \(10 \%\) of sales), office salaries ( \(\$ 4,000\) per month), and rent ( \(\$ 6,500\) 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. (Round interest payments to the nearest dollar.)