# To learn more about checking accounts, visit busmath.glencoe.com. check check register balance bank statement service charge reconcile online banking

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1 What You ll Learn Work, spend, and play all in a week s time. You ll work for money so it can pay for the basics in life, as well as recreation on the weekend. More than likely you ll use a checking account to hold and track your money coming and going. Section 4-1 Compute the total checking account deposit. Section 4-2 Write a check. Section 4-3 Figure out the balance in a check register. Section 4-4 Calculate the present balance on a checking account bank statement. Section 4-5 Reconcile a check register with a bank account statement. Section 4-6 Compute online banking charges and update the check register. When Will You Ever Use This? You need a place to store your money (and under your bed isn t the best place). With the bank safekeeping your money in a checking account, you have the security and the convenience of a business tracking your transactions. Key Words to Know deposit automatic teller machine (ATM) personal identification number (PIN) checking account check check register balance bank statement service charge reconcile online banking To learn more about checking accounts, visit busmath.glencoe.com. 164 Chapter 4 Checking Accounts

2 Fleet Footed Finances Zach Pinsky works as the manager of Fleet Footed, a shoe store that specializes in athletic shoes. He s training a new manager, Wendy Yang, who has worked in sales for three years but has no managerial experience. As the newest manager, Yang will work the evening and weekend shifts. Read how this business operates its checking account. Read on. Go to... What s in the Bag? p. 166 How to Avoid the Bounce p. 169 A Safe Habit p. 172 Timing Is Everything p. 175 Tracking Your Money p. 178 Shopping Around p. 182 Review p

4 CONCEPT CHECK Complete the problems, then check your answers at the end of the chapter. Find the total deposit. 1. (\$60.00 \$0.90 \$14.00) \$ (\$45.00 \$80.00) \$20.00 Example 2 Manuel Romeo is making a deposit in his checking account. He has checks for \$435.20, \$271.19, and \$ He has cash consisting of 15 one-dollar bills, 7 five-dollar bills, 3 ten-dollar bills, 24 quarters, 5 dimes, 15 nickels, and 14 pennies. He would like to keep \$75 in cash. What is his total deposit? STEP: Compute the total deposit. The currency deposit \$15 (7 \$5) (3 \$10) \$15 \$35 \$30 \$80 The coins deposit (24 \$0.25) (5 \$0.10) (15 \$0.05) \$0.14 \$6.00 \$0.50 \$0.75 \$0.14 \$7.39 Figure 4.2 CHECKING DEPOSIT Manuel Romeo DATE 9/27/20-- First City Bank Currency Coins Checks CHECKS CASH CURRENCY COINS LIST SEPARATELY DOLLARS CENTS SIGN HERE IF CASH RECEIVED FROM DEPOSIT Manuel Romeo SUBTOTAL LESS CASH RECEIVED TOTAL DEPOSIT CONCEPT CHECK Complete the problems, then check your answers at the end of the chapter. Find the total deposit. 3. Checks: \$ and \$ Cash: 9 one-dollar bills, 9 five-dollar bills, 8 ten-dollar bills, 14 quarters, 25 dimes, 18 nickels, and 64 pennies. Less \$40.00 cash received. 4. Checks: \$ and \$ Cash: 35 one-dollar bills, 17 five-dollar bills, 44 ten-dollar bills, 54 quarters, 36 dimes, 32 nickels, and 21 pennies. Section 4-1 Deposits 167

5 Find the subtotal and total deposit. SECTION 4-1 PRACTICE Currency Coins Checks Subtotal Less Cash Received Total Deposit More than 500 million checks are forged every year, according to the accounting firm Ernst & Young. Some experts estimate that check fraud costs American banks and businesses about \$50 billion per year. 5. \$ \$11.80 a. b a. b. 7. \$ a. \$10.00 b a b a b a b Olive Baker stops at an ATM location in the lobby of her office building. She has a paycheck for \$ and a refund check for \$3. She would like to receive \$25 in cash and deposit the remaining amount. What is her total deposit? 12. Jess Norton stopped at an ATM location to deposit a check for \$ and a check for \$ He received \$50 in cash. What was his total deposit? 13. Jocelyn & Donnell Schelling made a deposit at an ATM location. Their paychecks were \$ and \$ and a check from their insurance company was \$ They received \$150 in cash. What was their total deposit? 14. Morgan Meers stopped at his bank to deposit his paycheck for \$201.20, a refund check from a store for \$19.78, and deposit \$34.23 in cash. What was his total deposit? 15. Carole Winer deposits checks for \$425.22, \$883.99, and \$ She has cash consisting of 45 one-dollar bills, 15 five-dollar bills, 12 ten-dollar bills, 28 quarters, 16 dimes, 19 nickels, and 65 pennies. She would like to receive \$60 in cash. What is her total deposit? 16. Ignazio Rubio deposits checks for \$598.20, \$2,274.26, and \$3, He has cash consisting of 75 one-dollar bills, 78 five-dollar bills, 33 ten-dollar bills, 80 quarters, 32 dimes, 95 nickels, and 5 pennies. He would like to receive \$40 in cash. What is his total deposit? MAINTAINING YOUR SKILLS Skill 6: Subtracting Decimals, page 733 Subtract. 17. \$ \$ \$ \$ \$ \$ \$ \$ Chapter 4 Checking Accounts

7 STEP 4: Write the amount of the check in words with cents expressed as a fraction of a dollar. STEP 5: Make a notation on the check to indicate its purpose. STEP 6: Sign the check. Figure 4.3 Margaret C. Miller March 23, 20-- Date /1 Pay to the order of Department Store \$ Forty-five and Dollars First City Bank Memo Kendra s Birthday Margaret C. Miller CONCEPT CHECK Complete the problems, then check your answers at the end of the chapter. Write each of the following as a numeral thirty and dollars 4. three thousand two hundred fifty-six and 100 dollars Manuel Romeo is buying a drill press at Harry s Hardware Store. The cost is \$ He is going to write a check. Answer the following questions about the check: 23 Figure 4.4 Manuel Romeo Date /231 Pay to the order of Harry s Hardware \$ Dollars First City Bank Memo To whom is the check payable? 6. How do you write the amount in word form? 7. What should be put in the memo portion? 8. Who signs the check? SECTION 4-2 PRACTICE Write each amount in word form as it would appear on a check. 9. \$ \$ \$ Chapter 4 Checking Accounts

8 12. \$ \$ \$ \$1, \$17, \$ \$ \$5, \$47, For Problems 21 and 22, use Figure 4.5a. Figure 4.5a Jim Liebert Date /412 Pay to the order of Tom s Auto Body \$ Two hundred forty dollars & Dollars Farmers & Merchants Bank Memo Jim Liebert 21. Jim Liebert is paying by check for an auto repair bill in the amount of \$ Did Liebert write the amount of the check correctly, both as a numeral and in words? 22. What is the check number Liebert used to pay for his auto repair bill? For Problems 23 and 24, use Figure 4.5b. Figure 4.5b Alice Chino Date /111 Pay to the order of Pugh Health Clinic \$ Ninety-eight and 72 Dollars Bank of Canfield Memo July bill Alice Chino 23. Alice Chino wrote check No. 311 to Pugh Health Clinic for \$ Did she write the amount in words correctly? If not, write the amount in words correctly. 24. For what purpose did Alice Chino write the check to the Pugh Health Clinic? Skill 1: Numbers, page 727 Write the numeral MAINTAINING YOUR SKILLS 25. Thirty-five and dollars 26. Seventy-four and dollars Write in word form with cents expressed as a fraction of a dollar. 27. \$ \$ \$ \$ \$5, \$11, Section 4-2 Writing Checks 171

10 Example 2 Margaret Miller s checking account had a balance of \$ She wrote a check for \$45.78 on March 2. On March 5 the bank made an automatic transfer (AT) of \$52.55 to pay her phone bill. She made a deposit of \$ on March 10. What is the new balance in Miller s account? STEP: Figure out the balance. Figure 4.6 Trans. Type Description Payment/ Date Deposit/ or Check No. of Transaction Debit ( ) Credit ( ) Balance Previous Balance Check Amount Automatic Transfer Balance Brought Forward /2 Department Store AT 3/5 Phone Bill /10 Deposit Previous Balance Deposit Amount CONCEPT CHECK Complete the problems, then check your answers at the end of the chapter. 3. Balance \$ Balance \$7, Deposit Amount of Check Deposit AT 6, Balance Balance Amount of Check Deposit Amount of Check Balance Balance SECTION 4-3 PRACTICE Find the new balance after each check or deposit. Payment/ Debit ( ) Check Register Deposit/ Balance Credit ( ) Balance Brought Forward Your balance is \$89.75 on May Your balance is \$ on April 4. Deposit \$ on May 30. Write a \$31.28 check on April 9. Write a \$34.79 check on June 1. Write a \$45.92 check on April 14. ATM withdrawal of \$50.00 AT deposit of paycheck for \$ on June 1. on April 15. What is your new balance? What is your new balance? Continued on next page Section 4-3 Check Registers 173

11 10. Mac Valent opened a new checking account and deposited his paycheck for \$ The check register shows his transactions since opening his account. What is his balance after each transaction? Figure 4.7 Trans. Type Description Payment/ Date Deposit/ or Check No. of Transaction Debit ( ) Credit ( ) Balance Balance Brought Forward /12 Electric Energy a /18 Grocery Store b /20 Department Store c. 11. Magdala Santos s checkbook balance was \$ on October 5. Her check register shows her transactions since then. What is her balance after each transaction? Figure 4.8 Trans. Type Description Payment/ Date Deposit/ Balance or Check No. of Transaction Debit ( ) Credit ( ) Balance Brought Forward /6 Pettisville Flower a. 10/9 Deposit b /10 Bookstore c. AT 10/19 Phone Co d. 12. Leah Ahren s latest transactions are shown on the check register. Find her balance after each transaction. Trans. Type Description Payment/ Date Deposit/ Balance or Check No. of Transaction Debit ( ) Credit ( ) Balance Brought Forward /20 Baggett Auto Store a. 9/22 Deposit b /3 Rolland Buchele c /4 First Federal S&L d. 10/5 Deposit e /19 Vollmars Ceramics f /20 Cash g /22 Rapids Pharmacy h. MAINTAINING YOUR SKILLS Skill 5: Adding Decimals, page 732 Skill 6: Subtracting Decimals, page 733 Add. 13. \$ \$ \$ \$ \$ \$ \$72.85 \$ \$2, \$ \$ \$ Subtract. 19. \$ \$ \$ \$ \$ \$ \$ \$ \$3, \$ \$ \$ Chapter 4 Checking Accounts

13 CONCEPT CHECK Complete the problems, then check your answers at the end of the chapter. Previous Deposits Withdrawals Service Interest Present Balance Charges Balance 1. \$ \$ \$ \$2.50 \$ Example 2 Margaret Miller received her bank statement and cancelled checks for March. She checks the statement. Verify her present balance. Figure 4.9 First City Bank Margaret Miller 175 LaPlas Court San Diego, California Statement Period 3/2 through 3/31 Monthly Statement Account Number /1 Previous Balance Deposits Withdrawals Service Charge/Fee Interest Earned 4/1 Present Balance CHECKS Check Date Amount Check Date Amount Check Date Amount 202 3/ / / DEPOSITS/CREDITS Date Amount Description 3/ Deposit 3/ Appliance Corp. Payroll PAYMENTS/DEBITS Date Amount Description 3/ Phone Bill / Elec Pwr DAILY BALANCE Daily Balance Daily Balance Daily Balance Daily Balance 3/ / / / / / / / STEP: Calculate the balance in the account. Total Deposits \$ \$ \$ Total Withdrawals \$45.78 \$ \$ \$52.55 \$42.98 \$ Previous Service Balance Deposits Withdrawals Charges Interest \$ \$ \$ \$ balance 176 Chapter 4 Checking Accounts

14 CONCEPT CHECK Complete the problems, then check your answers at the end of the chapter. Previous Service Present Balance Deposits Withdrawals Charges Interest Balance 3. \$ \$ \$ \$2.70 \$ SECTION 4-4 PRACTICE Previous Service Present Deposits Withdrawals Interest Balance Charge Balance 5. \$ \$ \$ \$2.34 \$ , , , , , , , A portion of Takeisha Hallett s bank statement is shown. Her previous balance was \$ What is her present balance? Figure 4.10 CHECKS Check Date Amount Check Date Amount Check Date Amount 304 6/ / / DEPOSITS/CREDITS Date Amount Description 6/ Deli Payroll / Deli Payroll / Deposit PAYMENTS/DEBITS Date Amount Description 6/ Gas Bill / Service Charge MAINTAINING YOUR SKILLS Skill 5: Adding Decimals, page 732 Skill 6: Subtracting Decimals, page 733 Add. 10. \$ \$ \$ \$ \$ \$ \$ \$ \$ \$43, \$3,172 \$4.20 Subtract. 14. \$ \$ \$ \$2, Section 4-4 Bank Statements 177

16 CONCEPT CHECK Complete the problems, then check your answers at the end of the chapter. 1. Statement balance \$ Statement balance \$ Outstanding checks Outstanding checks Outstanding deposits Outstanding deposits Adjusted balance Adjusted balance Example 2 Margaret Miller s check register balance is \$2, She compares her statement and check register. For each check and deposit listed on her statement, she places a check mark next to the information in her register. She notes that the bank paid her \$0.86 in interest. Miller finds these outstanding checks and deposits: Check #525 \$ Check #527 \$ Deposit \$ How does Miller reconcile her statement? STEP: Reconcile the balance. Miller uses the reconciliation form on the back of her bank statement to reconcile her account. Figure 4.11 Reconciliation Statement Check Register Balance \$2, Statement Balance \$2, Service Charges/ Oustanding Checks/ Fees Payments/Debits Check #525 \$ Interest 0.86 Check # (Total outstanding checks/payments/debits) Outstanding Deposits/ Credits Deposit New Balance \$2, Adjusted Balance \$2, CONCEPT CHECK Complete the problems, then check your answers at the end of the chapter. 3. Asuko Naito s check register balance is \$8, He compares his statement with his check register. He notes that the bank paid him \$2.86 in interest and charged him \$1.20 for bill payment fees. He finds these outstanding checks and deposits: Check #845 \$ Check #847 \$2, Deposit \$ Continued on next page Section 4-5 Reconciling the Bank Statement 179

17 Reconcile the statement by filling in the blanks. Figure 4.12 Reconciliation Statement Check Register Balance \$8, Statement Balance \$11, Service Charges/ a. Oustanding Checks/ Fees Payments/Debits Check #845 \$ Interest b. Check #847 2, (Total outstanding d. checks/payments/debits) Outstanding Deposits/ Credits Deposit e. New Balance c. Adjusted Balance f. SECTION 4-5 PRACTICE Complete the table. Do the register and statement balances agree? Check Register Balance Interest Service New Statement Outstanding Outstanding Adjusted Charge/Fees Balance Balance Checks Deposits Balance 4. \$ \$ 0.00 \$4.70 a. \$ \$ \$ b a b. 6. 1, a. 1, b. 7. 4, a. 1, , b. 8. David Cassadore received his bank statement and cancelled checks for the period ending November 20. He compared the check register (Figure 4.13a) with the cancelled checks and deposits listed on the statement (Figure 4.13b), then placed a check mark next to the items processed. He reconciles the bank statement (Figure 4.13c). a. What total amount does he have in outstanding checks? b. What total amount does he have in outstanding deposits? c. What is his adjusted balance? d. What is his new check register balance? e. Do the register and adjusted balances agree? Figure 4.13a Trans. Type Description Payment/ Date Deposit/ Balance or Check No. of Transaction Debit ( ) Credit ( ) Balance Brought Forward /03 Country Pride /04 Deposit /09 General Telephone Co /15 Cash /20 Deposit /20 Consumer Power Co Chapter 4 Checking Accounts

18 Figure 4.13b Sky Bank Monthly Statement David Cassadore Statement Period 10/20 through 11/20 Account Number /20 Previous Balance Deposit Withdrawals Service Charge/Fee 6.50 Interest Earned 11/20 Present Balance CHECKS Check Date Amount Check Date Amount Check Date Amount / / DEPOSITS/CREDITS Date Amount Description 11/ Deposit PAYMENTS/DEBITS Date Amount Description 11/ ATM Cash DAILY BALANCE Daily Balance Daily Balance Daily Balance Daily Balance 10/ / / / / / Figure 4.13c Reconciliation Statement Check Register Balance \$ Statement Balance \$ Service Charges/ 6.50 Oustanding Checks/ Fees Payments/Debits Check #049 \$ Interest 0.00 (Total outstanding a. checks/payments/debits) Outstanding Deposits/ Credits Deposit b. New Balance d. Adjusted Balance c. MAINTAINING YOUR SKILLS Skill 6: Subtracting Decimals, page 733 Subtract. 9. \$ \$ \$ \$ \$96.78 \$ \$ \$ \$ \$ \$ \$64.92 Section 4-5 Reconciling the Bank Statement 181

19 Online Banking Compute online banking charges and update the check register. Figure 4.14 It s 1 A.M. and you re dying to know your account balance. Or perhaps it s snowing out and you need to transfer some funds. Online banking, or Internet banking, allows you to bank from anywhere. All you need is a connection to the Internet, and you can access your account(s) round-the-clock, even on weekends. Once you ve logged onto your account at the online bank, you can: Online Banking Charges Service Fee Basic Monthly Charge \$ 6.95 Bill Payment first 5 N/C 0.50 Printed Statement 4.00 Replace Lost Card 5.00 Overdraft International Wire Transfer ATM Transaction Charges Local Network N/C Regional Network Surcharge 1.00 National Network Surcharge 2.00 Out-of-Network Surcharge 3.00 Cash Advance 2.00% of Amt. \$10.00 Max transfer funds from checking to savings or savings to checking, make loan payments from checking to loan accounts, make payments to third parties (such as utility companies), get information about account balances, previous deposits, previous withdrawals, and loan balances. You may be charged a fee for these services. Figure 4.14 shows some online banking charges. Remember that: Total Fees Basic Bill ATM Charge Payments Statement Surcharge Cash Advance Fee Fleet Footed Finances Shopping Around Pinsky s boss has asked him to look into how Fleet Footed might pay less in bank service fees. Pinsky is a big fan of online banking your account is available and live 24 hours a day, 7 days a week. He starts shopping around for rates and packages presented by online banks, and then presents his findings to his manager. Draw Conclusions How might online banking affect Pinsky s knowledge of the money in Fleet Footed s bank account? Continued on page Chapter 4 Checking Accounts

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