Note:-• Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.• Answer completely.• You will get up vote for sure. During the year, the following sales transactions occur. There is a charge of 3% on allcredit card transactions and a 1% charge on all debit card transactions.1. Total cash sales = $300,000Total check sales = $150,000Total credit card sales = $400,000Total debit card sales = $290,000Calculate the amount recorded as cash receipts from these transactions.

Cash receipts are physical cash or currency receipts that are often recorded in financial records…

During the year, the following sales transactio credit card transactions and a 1% charge on a 1. Total cash sales = $300,000 Total check sales = $150,000 Total credit card sales = $400,000 Total debit card sales = $290,000

During the year, the following sales transactio credit card transactions and a 1% charge on a 1. Total cash sales = $300,000 Total check sales = $150,000 Total credit card sales = $400,000 Total debit card sales = $290,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.

During the year, the following sales transactions occur. There is a charge of 3% on all
credit card transactions and a 1% charge on all debit card transactions.
1. Total cash sales = $300,000
Total check sales = $150,000
Total credit card sales = $400,000
Total debit card sales = $290,000
Calculate the amount recorded as cash receipts from these transactions.

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