(Answered) Problem -sales purchasesmay 60000 20000june 70000 30000july

Accounting

Problem -

Sales purchases

May $60,000 $20,000

June $70,000 $30,000

July $80,000 $25,000

All sales are on credit. Records show that 80 percent of the customers pay during the month of the sale, 15 percent pay the month after the sale, and the remaining 5 percent pay the second month after the sale. Purchases are all paid the following month at a 1 percent discount. Cash disbursement for operating expenses in July was $8,000. Prepare the cash budget for July for Penelope Ltd.

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