M Question 15 - Chapter 8 Review - Connect Seved Help view Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 60 percent of their fees in the month the service is provided. In the month following service, Paul collects 35 percent of service fees. The final 5 percent is collected in the second month following service. Paul purchases his supplies on credit, and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchases, 85 percent is used in the month of purchase, and the remainder is used in the month following purchase. The following information is available for the months of June, July, and August, which are Paul's busiest months: June 1 cash balance $17,200. June 1 supplies on hand $4,800. June 1 accounts receivable $9.900. June 1 accounts payable $4,700. Estimated sales for June, July, and August are $29,700, $44,600 and $47,900, respectively. Sales during May were $28,100, and sales during April were $19,900. Estimated purchases for June July, and August are $10,800, $20,800, and $15,000, respectively. Purchases in May were $5,900. Required: 1. Compute budgeted cash receipts and budgeted cash payments for each month. 2. Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of the following accounts: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute budgeted cash receipts and budgeted cash payments for each month, July August Budgeted Cash Receipts Cash Part Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute budgeted cash receipts and budgeted cash payments for each month. June July August Budgeted Cash Receipts Budgeted Cash Payments Required 2 > Prev 15 of 16 Complete this question by entering your answers in the tabs below. 2 points Required 1 Required 2 Compute the balances necessary to prepare a budgeted balance sheet for August 31 for each of eBook Print References Balances for August 31 Budgeted Balance Sheet Cash June 1 Balance Add: Total Cash Receipts Less: Total Cash Payments August 31 Balance Supplies Inventory 15% of August Purchases Accounts Receivable 40% of August Sales 5% of July Sales Balance at August 31 Accounts Payable 50% of August Purchases