During the year, the following sales transactions occur. There is a charge of 3% on all credit

Question:

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. Calculate the amount recorded as cash receipts from these transactions.
1. Total cash sales = $500,000
2. Total check sales = $350,000
3. Total credit card sales = $600,000
4. Total debit card sales = $200,000