Records of Recycling Ltd Contain the Following Data $\quad$ $\quad$ $\text { Opening bank balance } \$ 35,000$

question 18

Essay

Records of Recycling Ltd contain the following data:
$\quad$$\quad$$\text { Opening bank balance } \$ 35,000$
$\begin{array}{lll}&\text { Sales } & \text { Purchases } \\\text { May } & \$ 60,000 & \$ 20,000 \\\text { June } & 70,000 & 30,000 \\\text { Iuly } & 80,000 & 25,000\end{array}$ All sales are on credit. Records show that 80% of the customers pay during the month of the sale, 15% pay in the month after the sale, and the remaining 5% pay in the second month after the sale. Purchases are all paid the following month at a 1% discount. Cash disbursements for operating expenses in July were $8 000.
REQUIRED:
Prepare a cash budget for July.
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Definitions:

Central Nervous System

The central nervous system consists of the brain and spinal cord, serving as the primary processing center for the entire nervous system, and controls most functions of the body and mind.

The Brain

The central organ of the nervous system, responsible for processing sensory information, regulating bodily functions, and enabling cognition and emotions.

The Spinal Cord

A long, thin, tubular bundle of nervous tissue and support cells that extends from the brain. It is responsible for transmitting neural signals between the brain and the rest of the body.

Sensory Neurons

Nerve cells that transmit sensory information (sight, sound, touch, taste, and smell) from the periphery to the central nervous system.