MATH 108X - Budgeting Case Study Excel FileStep 1.#3Juan's Receipt Record#1Juan's Background StorySemesterly Income1st SemesterStep 2.Financial Aid500.001,000.00DateStoreDetailsAmountExpense CategoryPayment MethodOther Income50.0050.00Step 3.1,050.00Semesterly Expenses1st Semester Combined TotalHousing975.001,950.00Step 4.Tuition2,150.004,300.00Textbooks385.42770.84School Supplies14.2528.50Step 5.Tithing (Special Income)55.00105.007,154.34Previous Savings BalanceNew Savings Balance8,615.002,510.66#4Monthly IncomeJanuaryStep 6.Paycheck135.00135.00Savings Withdrawal626.65225.43761.65360.43Monthly ExpensesJanuaryNew Monthly GoaTithing13.5013.50Charitable Donations5.005.00Taxes31.0431.04Groceries414.34176.00#5Eating Out34.010.00Cell Phone99.9850.00Travel40.0030.00#2Gifts58.3925.00Entertainment60.5025.00Miscellaneous4.894.89761.65360.43Cash Flow SummaryJanuaryNew Monthly Goal0.000.00uan's Final Savings Balance at the end of Two Semesters306.00#6Hover Mousehere to begin.2-SemesterCombined TotalJuan just finished the first month of his first semester ofcollege. He has decided it is time to take the advice heheard inhis class and start his own personal budget!Youwill be helping him set a monthly goal that will apply forthe 7 remaining months of the school year (there are 8months in 2 semesters).What he typed in already...Juan collected the receipts from all his purchases since thestart of the semester. Today he finally sat down to type hisreceipts into his budget. Your job is to help him finish.Juan arrived at school on January 3rd and did a lot ofspending. As you can see in "Juan's Receipt Record,"hebought groceries for $150.78, paid his housing contract forthe semester at $975, paid his semester's tuition of $2150,and bought his textbooks for $385.42.He received a $500scholarship that he will get every semester. He alsoreceived a $50 cash birthday gift from his parents. He paidtithing of $55 for the gift and scholarship money hereceived.On January 5th, Juan took his friend Jenny out for icecream, which cost $4.88. He paid a $5.00 Fast Offering atchurch on January 6th. On the first day of school, January7th, he forgot his lunch and bought lunch at the CrossroadsCafeteria, which cost $9.75. The next day he got his firstpaycheck for $67.50, which had his taxes of $15.52 takenout directly. He also put $20 worth of gas in his car andpaid his tithing online for his paycheck ($6.75).