The actual cash received from cash sales was $114,850, and the amount indicated by the cash register total

The actual cash received from cash sales was $114,850, and the amount indicated by the cash register total was $114,975. Journalize the entry to record the cash receipts and cash sales.


Answer:


Cash 114,850
Cash Short or Over 125
Sales 114,975





The actual cash received from cash sales was $32,730, and the amount indicated by the cash register total was $32,690. Journalize the entry to record the cash receipts and cash sales.


Answer:


Cash 32,730
Sales 32,690
Cash Short or Over 40

LifeTyme Publishers Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale

LifeTyme Publishers Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $320,000 for June and $350,000 for July, what are the budgeted cash receipts from sales on account for July?

Answer:
                                                                                                                                               July
Collections from June sales (70% × $320,000)…………………………………………   $224,000
Collections from July sales (30% × $350,000)…………………………………………    105,000
Total receipts from sales on account……………………………………………………   $329,000