Question: 1. Based on the following data, how to prepare a cash budget (in proper form with labels) for July and August. Forecast sales May $12,000 Cash sales are 30% of total sales. Credit sales June 15,000 are collected as follows: 60% one month after the July $16,000 sale and 40% 2 months after the sale August $12,000 Accounts payable are paid 100% 2 months after the purchase Expected A/P In addition to purchases, there are utility bills of $1,500 each month May $5,000 June $6,000 July $7,000 August $8,000 Beginning cash for July is $3,800