sales to customers are 20% cash and 80% on credit. sales in june were $54,500. all credit sales are collected in the month following the sale. the june 30 balance sheet includes balances of $43,000 in cash and $4,600 in loans payable. a minimum cash balance of $43,000 is required. loans are obtained at the end of any month when the preliminary cash balance is below $43,000. 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 $43,000 is used to repay loans at month-end. expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($3,600 per month), and rent ($6,100 per month).