Karim Corporation requires a minimum $$8,800$ cash balance. Loans taken to meet this requirement cost $1\%$ interest per month $($paid at the end of each month$).$ Any preliminary cash balance above $$8,800$ is used to repay loans at month$-$end. The cash balance on July $1$ is $$9,200,$ and the company has no outstanding loans. Budgeted cash receipts $($other than for loans received$)$ and budgeted cash payments $($other than for loan or interest payments$)$ follow. Karim Corporation requires a minimum $$8,800$ cash balance. Loans taken to meet this requirement cost $1\%$ interest per month $($paid at

the end of each month$).$ Any preliminary cash balance above $$8,800$ is used to repay loans at month$-$end. The cash balance on July $1$

is $$9,200,$ and the company has no outstanding loans. Budgeted cash receipts $($other than for loans received$)$ and budgeted cash

payments $($other than for loan or interest payments$)$ follow.

Prepare a cash budget for July, August, and September. $($Negative balances and Loan repayment amounts $($if any$)$ should be

indicated with minus sign. Round your final answers to the nearest whole dollar.$)$

July August September

Cash receipts $ $24,800$ $ $32,800$ $ $40,800$

Cash payments $29,20030,80032,800$

Prepare a cash budget for July, August, and September. $($Negative balances and Loan repayment amounts $($if any$)$ should be indicated with minus sign. Round your final answers to the nearest whole dollar.$)$