Checking Accounts Answers

Richard’s checkbook register as of 02/19:Check #DateDescription of TransactionPayment/Debit (-)Fee (-)Deposit/Credit (+)Balance 02/03Deposit $900.00$900.00 02/05Deposit - Paycheck $390.36$1,290.3620102/05Blue Sky Apartments$455.00 $835.3620202/07Renter’s Insurance$125.40 $709.9620302/18Online Clothing Purchase$155.44 $554.52 02/19 Deposit - Paycheck $390.36$944.88 Enter the following transactions into Richard’s checkbook register and state his ending balance:DateTypeDescriptionAmount03/01Check #204Blue Sky Apartments$455.0003/05DEPPayroll automatic deposit$390.3603/08DebitBenny’s Hamburgers and Fries$9.2003/15Check #205Car payment$251.5903/19DEPPayroll automatic deposit$390.36

George tallies up the transactions in his check register and comes up with a total balance of $221.57, but his bank statement says that his balance is $203.73. Which of the following are still outstanding?I. A $20.25 check to the floristII. A $14.29 check to the dry cleanersIII. A $38.09 check depositIV. A $19.05 money order deposit

Nick is making a deposit with a check and wants cash back. His deposit slip has his name, his account number, the date, the amount of the check, his signature, the total deposit amount, and what else?

What are you primarily doing when you reconcile your checking account?

Roberta's monthly bank statement says that she has a balance of 386.29, but Roberta's check register says that her balance is 370.77. Which of the following are still outstanding?I. A $78.17 check to the electric companyII. A $16.15 deposit from Roberta's roommateIII. A $22.67 check to the grocery storeIV. A $62.65 deposit from Roberta's tax return

When must you sign a deposit slip?

Mrs. Jones has received her bank statement and is ready to reconcile it with her checkbook register. Fill out the reconciliation worksheet for Mrs. Jones using the data from her bank statement and checkbook register. Assume all transactions on previous pages have already cleared. Great Bank of Home and WorkKeepItSimple™ Statement for February 2010Beginning balance (01/05/2010): $2340.00Ending balance (02/04/2010): $1864.16Total of credits: $0.00Total of debits: $475.84Date cleared - 01/05/2010Description - Debit card purchase from XYZ Supermarket and Deli LimitedAmount - 145.44Date cleared - 02/04/2010Description - Check 1015, Bis Insurance of North AmericaAmount - $320.40Date cleared - 02/04/2010Description - Monthly service feeAmount - $10.00Reconciliation WorksheetAmount1. Enter the statement closing balance.$2. Enter the sum of any outstanding deposits or credits.$3. Add lines 1 and 2.$4. Enter the sum of any outstanding checks or debits.$5. Subtract line 4 from line 3.$6. Enter your checkbook balance.$Note: Lines 5 and 6 should be equal at the end of the reconciliation. Mrs. Jones’s checkbook register:DateNumPayeePaymentClrDepositBalance1/1/2010 Balance forward 2,340.002,340.001/5/2010DebitXYZ Supermarket145.44 2194.562/1/20101014Rent600.00 1594.562/1/20101015Bis Insurance Company320.40 1274.16Consider what must be done, if anything, in order to finish the reconciliation process.

Which of the following is not something that you could do with a normal checking account?

Megan used a reconciliation worksheet provided by her bank. Line 5 should equal line 6 at the end of the reconciliation, but it does not. Friendly Bank Reconciliation Worksheet Amount 1. Enter the statement closing balance. $ 487 13 2. Enter the sum of any outstanding deposits or credits. $ 186 68 3. Add lines 1 and 2. $ 673 81 4. Enter the sum of any outstanding checks or debits. $ 174 01 5. Subtract line 4 from line 3. $ 499 80 6. Enter your checkbook balance. $ 362 60 Note: Lines 5 and 6 should be equal at the end of the reconciliation. Megan wants to first look for a single transaction that could have caused this problem with reconciliation. What is the amount of the transaction that Megan should look for in order to find a solution to the problem?

Which of the following items are elements of a monthly checking account statement?I. A period (beginning date and ending date)II. A beginning balance and ending balance.III. A detailed list of debits and credits during the period.