Prepare a cash budget month by month for the quarter ending 31 December 2020. Note that marks will be deducted for each incorrect posting to the cash budget.

1.Actual Receipts (money in) from Accounts Receivable are 70% of the previous
months Credit Sales and the balance of 30% owing is received in the following
month. For example if we had Credit Sales of $100000 in January we would
expect to receive 70% of that $100000 in February and the balance (30%) in
March.
Credit Sales for September 2020 were $80,000 as they were in August 2020.
Cash Sales were $16,500 in August 2020 and $18,000 in September of 2020.
2. Payment of Accounts Payable is paid 60% of purchases in the month of
purchase and the remaining 40% in the month following. Purchases in
September 2020 were $36,000.
3. The cash balance at 1 October 2020 was $52,890
Required
Prepare a cash budget month by month for the quarter ending 31 December 2020.
Note that marks will be deducted for each incorrect posting to the cash budget.
(15 Marks).

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