Complete the following extract from the Dolan household budget for three months - Junior Cycle Business Studies - Question 13 - 2022

Using the same approach as above, we can calculate the net cash for September.

Let’s consider the closing cash from August, which was ($300) since it was the total of previous months. Using the formula again, we see:

$\text{Net Cash} = \text{Closing Cash} - \text{Opening Cash}$

Thus, with Opening cash for September the closing amount follows that:

$\text{Net Cash for September} = -150 - 60 = (150)$.

Given that the closing cash for July was 360, we now assess the opening cash for September. According to our calculations, the opening cash in September should equal the closing cash from August. Thus,

$\text{Opening Cash for September} = 60$.

To find the total closing cash across the three months, we will sum each month's closing cash:

• July: 360
• August: 60
• September: 90 (based on net calculations)

Thus, the total closing cash will be:

$360 + 60 + 90 = 510$.