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11 September, 21:37

On july 1, the cash account balance was $37,450. during july, cash payments totaled $115,860 and the july 31 balance was $29,600. determine the cash receipts during july.

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  1. 11 September, 22:49
    0
    If we want to know the total deposits which is made then:

    We begin with Initial balance on July 1: $37,450

    Then subtract the cash payments of $115,860

    So subtotal = ($78,410)

    To arrive at the final balance of : $29,600 there had to be deposits of 78,410 to offset the subtotal + another $29,600, so

    total deposits = 78,410 + 29,600 = $108,010
  2. 12 September, 00:24
    0
    108,010

    Starting balance 37,450 Minus payments of 115,860 Leaves balance = $-78,410 (37,450-115860 = - 78,410) Therefore in order for the balance to go up to 29,600 the receipts must have been 108,010 because 29,600 - - 78410 = 108,010
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