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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 $54,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $45,000 in cash and $4,500 in loans payable. A minimum cash balance of $45,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $45,000. 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 $45,000 is used to repay loans at monthend. Expenses are paid in the month incurred and consist of sales commissions ( 10% of sales), office salaries ($3,500 per month), and rent (\$6,000 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September. Sales to customers are 20% cash and 80% on credit. Sales in June were $54,000. All credit sales are collected in the month following the sale. The June 30 balance sheet inc -ances of $45,000 in cash and $4,500 in loans payable. A minimum cash balance of $45,000 is require re obtained at the end of any month when the preliminary cash balance is below $45,000. Interest is 1 th based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cas odonce above $45,000 is used to repay loans at monthend. Expenses are paid in the month incurred and consist of sales commissions (10\% of sales), office salaries ($3,500 per month), and rent (\$6,000 per month). 1. Prepare a schedule of cash receipts for the months of July, August, and September

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