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 = $360,000 2. Total check sales = $210,000 3. Total credit card sales = $460,000 4. Total debit card sales = $230,000 Calculate the amount recorded as cash receipts from these transactions.

$1,243,900

Explanation:

Given that,

Total cash sales = $360,000

Total check sales = $210,000

Total credit card sales = $460,000

Total debit card sales = $230,000

Cash receipts from these transactions:

= Total cash sales + Total check sales + Total credit card sales + Total debit card sales

= $360,000 + $210,000 + ($460,000 × 97%) + ($230,000 × 99%)

= $360,000 + $210,000 + $446,200 + $227,700

= $1,243,900