Built$-$Tight is preparing its master budget. Budgeted sales and cash payments follow:

Sales to customers are $20\%$ cash and $80\%$ on credit. Sales in June were $$53,500.$ All credit sales are collected in the

month following the sale. The June $30$ balance sheet includes balances of $$47,000$ in cash and $$4,400$ in loans payable. A

minimum cash balance of $$47,000$ is required. Loans are obtained at the end of any month when the preliminary cash

balance is below $$47,000.$ Interest is $1\%$ per month based on the beginning$-$of$-$the$-$month loan balance and is paid at each

month$-$end. Any preliminary cash balance above $$47,000$ is used to repay loans at month$-$end. Expenses are paid in the

month incurred and consist of sales commissions $(10\%$ of sales$),$ office salaries $($ $$3,400$ per month$),$ and rent per

month$).$

Problem $20-2$A $($Algo$)$ Part $1$

Prepare a schedule of cash receipts for the months of July, August, and September.