Let's solve this step-by-step based on the instructions provided in the image.
---
Task Overview:
We are to keep a
running balance in a checkbook register. We start with a beginning balance and record each transaction (checks, ATM withdrawals, deposits) with:
- Check No.
- Date
- Description
- Transaction Amount (for checks and withdrawals)
- Deposit Amount (for deposits)
- Balance (updated after each entry)
---
Given Information:
1.
Beginning balance: $527.86
2. Transactions:
- May 26: Beginning balance
- May 27: Write check #107 to Mrs. Wilson for rent → $235.00
- May 28: Check payment to Foodland (groceries) → $22.52
- June 1: Write check #108 to Bank of Illinois (car payment) → $165.23
- June 2: Write check #109 to Interstate Phone Service → $62.77
- June 2: ATM withdrawal → $20.00
- June 15: Deposit paycheck → $425.00
---
Step-by-Step Solution:
We'll fill in the checkbook register row by row, updating the
balance after each transaction.
| CHECK NO. | DATE | DESCRIPTION | TRANSACTION AMOUNT | DEPOSIT AMOUNT | BALANCE |
|-----------|------------|------------------------------------|--------------------|----------------|-------------|
| | May 26 | Beginning balance | | | $527.86 |
| #107 | May 27 | Rent to Mrs. Wilson | $235.00 | | $292.86 |
| | May 28 | Groceries (Foodland) | $22.52 | | $270.34 |
| #108 | June 1 | Car payment (Bank of Illinois) | $165.23 | | $105.11 |
| #109 | June 2 | Phone service | $62.77 | | $42.34 |
| | June 2 | ATM withdrawal | $20.00 | | $22.34 |
| | June 15 | Deposit paycheck | | $425.00 | $447.34 |
---
Explanation of Each Step:
1.
May 26 – Beginning Balance:
Starting amount =
$527.86
2.
May 27 – Check #107 ($235.00):
$527.86 − $235.00 =
$292.86
3.
May 28 – Grocery payment ($22.52):
$292.86 − $22.52 =
$270.34
4.
June 1 – Check #108 ($165.23):
$270.34 − $165.23 =
$105.11
5.
June 2 – Check #109 ($62.77):
$105.11 − $62.77 =
$42.34
6.
June 2 – ATM Withdrawal ($20.00):
$42.34 − $20.00 =
$22.34
7.
June 15 – Deposit ($425.00):
$22.34 + $425.00 =
$447.34
---
✔ Final Answer:
The
final running balance is
$447.34.
---
Completed Table:
| CHECK NO. | DATE | DESCRIPTION | TRANSACTION AMOUNT | DEPOSIT AMOUNT | BALANCE |
|-----------|------------|------------------------------------|--------------------|----------------|-------------|
| | May 26 | Beginning balance | | | $527.86 |
| #107 | May 27 | Rent to Mrs. Wilson | $235.00 | | $292.86 |
| | May 28 | Groceries (Foodland) | $22.52 | | $270.34 |
| #108 | June 1 | Car payment (Bank of Illinois) | $165.23 | | $105.11 |
| #109 | June 2 | Phone service | $62.77 | | $42.34 |
| | June 2 | ATM withdrawal | $20.00 | | $22.34 |
| | June 15 | Deposit paycheck | | $425.00 | $447.34 |
---
✔ Tip: Always subtract for withdrawals and checks, add for deposits. Keep track of the balance after each transaction to avoid errors.
Let me know if you'd like this formatted as a printable table!
Parent Tip: Review the logic above to help your child master the concept of balancing checkbook worksheet for students.
