# keeping a running balance

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1 keeping a running balance Record checks, a check card payment, an ATM transaction and a deposit in the checkbook register below. Include the date, description, and amount of each entry. Calculate the balance. 1. May 26: write beginning balance of \$ May 27: write check #107 to Mrs. Wilson. You pay your landlord your share of the rent payment: \$ May 28: make a check card payment to Foodland. You pay \$22.52 for groceries. 4. June 1: write check #108 to Bank of Illinois. You make a car payment of \$ June 2: write check #109 to Interstate Phone Service for \$ June 2: use your ATM card to withdraw \$ June 15: you deposit your paycheck for \$ Write this amount in the DEPOSIT column. CHECK DATE DESCRIPTION TRANSACTION DEPOSIT BALANCE NO. AMOUNT AMOUNT using banking services activity 6-3a

2 keeping a running balance Use the check register you just completed to answer the questions: 1. What was your account balance on May 30? 2. Your favorite band just released a new CD. It costs \$ Can you afford to buy the CD on June 3? What will your account balance be if you do? 3. You find a leather jacket on sale for \$ Can you afford to buy the jacket on June 16? What will your account balance be if you do? 4. What was the amount of check #109? Who was it payable to? using banking services activity 6-3a cont.

3 keeping a running balance Record checks, a check card payment, an ATM transaction and a deposit in the checkbook register below. Include the date, description and amount of each entry. Calculate the balance. 1. May 26: write beginning balance of \$ May 27: write check #107 to Mrs. Wilson. You pay your landlord your share of the rent payment: \$ May 28: make a check card payment to Foodland. You pay \$22.52 for groceries. 4. June 1: write check #108 to Bank of Illinois. You make a car payment of \$ June 2: write check #109 to Interstate Phone Service for \$ June 2: use your ATM card to withdraw \$ June 15: you deposit your paycheck for \$ Write this amount in the DEPOSIT column. CHECK DATE DESCRIPTION TRANSACTION DEPOSIT BALANCE NO. AMOUNT AMOUNT /27 Mrs. Wilson rent C.Card 5/28 Check Card - Foodland groceries /1 Bank of Illinois car payment /2 Interstate Phone Service phone ATM 6/2 Cash Withdrawal ATM 6/15 Deposit paycheck using banking services activity key 6-3a

4 keeping a running balance Use the check register you just completed to answer the questions: 1. What was your account balance on May 30? * \$ Your favorite band just released a new CD. It costs \$ Can you afford to buy the CD on June 3? What will your account balance be if you do? * Yes \$ You find a leather jacket on sale for \$ Can you afford to buy the jacket on June 16? What will your account balance be if you do? * Yes \$ What was the amount of check #109? Who was it payable to? * \$62.77 to Interstate Phone Service using banking services activity key 6-3a cont.

5 create a check register CHECK DATE DESCRIPTION TRANSACTION DEPOSIT BALANCE NO. AMOUNT AMOUNT using banking services activity 6-3b

6 reading a bank statement Using the bank statement on the next page, answer the following questions: 1. What period does this statement cover? 2. What is the account number of this statement? 3. How many deposits were made? What were the amounts? 4. How many checks cleared? What was the total dollar amount of the checks that cleared? 5. How many ATM transactions were there? 6. What was the total amount of debit card transactions? 7. What did service charges cost? 8. What is the new balance of the account? 9. Did check #182 clear? What was the amount? 10. Did check #185 clear? using banking services activity 6-3c

7 reading a bank statement using banking services activity 6-3c, cont.

8 reading a bank statement Using the bank statement on the next page, answer the following questions: 1. What period does this statement cover? * 12/20/99-1/18/00 2. What is the account number of this statement? * How many deposits were made? * Three What were the amounts? * \$1200, \$521.78, \$ How many checks cleared? * Six What was the total dollar amount of the checks that cleared? * \$ How many ATM transactions were there? * Three 6. What was the total amount of debit card transactions? * \$ What did service charges cost? * \$ What is the new balance of the account? * \$ Did check #182 clear? * Yes What was the amount? * \$ Did check #185 clear? * No using banking services activity key 6-3c

9 reconciling an account Use the bank statement, the check register, and the reconciliation worksheet on the following page to balance this checkbook. using banking services activity 6-3d

10 reconciling an account Enter the New Balance shown on your statement Add any deposits or transfers listed in your register that are not shown on your statement Total Calculate the subtotal Subtract your total outstanding checks and withdrawals Calculate the ending balance This amount should be the same as the current balance in your check register + - Use the reconciliation worksheet above to answer the following questions: 1. What is the new balance shown on the statement? 2. Not all deposits listed in the check register are shown on the statement. How much was the deposit that did not show up in the statement? 3. Add the new balance and any deposit not shown on the statement. What is the total? 4. What is the total amount of outstanding checks and withdrawals? 5. What is the ending balance? using banking services activity 6-3d, cont.

11 reconciling an account Enter the New Balance shown on your statement \$ Add any deposits or transfers listed \$ in your register that are not shown on your statement Total + \$ Calculate the subtotal \$ Subtract your total outstanding checks and withdrawals - \$ Calculate the ending balance This amount should be the same as the current balance in your check register \$ Use the reconciliation worksheet above to answer the following questions: 1. What is the new balance shown on the statement? * \$ Not all deposits listed in the check register are shown on the statement. How much was the deposit that did not show up in the statement? * \$ Add the new balance and any deposit not shown on the statement. What is the total? * \$ What is the total amount of outstanding checks and withdrawals? * \$ What is the ending balance? * \$ using banking services activity key 6-3d

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