PROBLEM 1 (9 items) The following are the information obtained from AMC Company: July August September Cash Sales P24,000 P32,000 P36,000 Credit Sales 220,000 300,000 240,000 Credit sales are collected Purchases 180,000 240,000 220,000 50% in the month of sale, Operating Expenses 30,000 36,000 32,000 40% in the month following, Interest Expense 4,000 8% in the second month following, and 2% uncollectible. Credit sales for May and June are expected to be P200,000 and P180,000, respectively. Purchases of merchandise, all on account, are paid 60% in the month of purchase and 40% in the month following. Purchases for June are estimated at P160,000. Expenses include depreciation of P4,000 monthly, and are paid in the month incurred. Cash balance on June 30, 201A is P54,000. Required: Prepare a cash budget by month for the quarter ending September 30, 201A. Support your solution with schedules of cash receipts and cash payments