Question 1

David had the following activity with his checking account during the month of July:
-Starting checkbook balance of $701.13
-July 15 electronic payroll deposit of $1,807.44
-Online payment of $109.17 to Ameren Utilities
-Online payment of $104.00 to Gas Company
-Checks written on July 15 totaling $984.15
-On July 27 he received an electronic payroll deposit of $1,807.43
What was David's checkbook balance as of July 31?

Accepted Answer

The answer of David had the following activity with his...

Question 2

The beginning balance of the check register was $492.88. During the month, deposits were made for $210 and $499.88. Checks were written for $18.25, $19.82, and $309.82. Could you calculate the ending balance of the check register?

Accepted Answer

The answer of The beginning balance of the check register...

Question 3

John Small was looking over his bank statement and jotted down the following information:
  Could you calculate the ending checkbook balance for John?

Accepted Answer

The answer of John Small was looking over his bank...

Question 4

As the bookkeeper of Moorse Co., you are asked to complete a bank reconciliation from the following:  Outstanding checks $ 7,957.80

Accepted Answer

The answer of As the bookkeeper of Moorse Co., you...

Question 5

Jodie has a checkbook balance of $733.17; she wrote a check payable to Finney's Gym for $24.99 on June 1 and another check for $382.77 payable to Ford Credit on June 10. On June 28, her payroll check from Maryville College for $2,210.54 was deposited electronically. What was her balance on June 28?

Accepted Answer

The answer of Jodie has a checkbook balance of $733.17;...

Question 6

Debbie's checkbook balance was $2,715.50. She wrote checks totaling $5,298.13 during the month of May. Deposits made during the month were $250.16 on May 1. On May 15, her payroll check was electronically processed for $2980.66; on May 22, a check from the IRS was electronically processed for $2,550. On May 27, she recorded $534.10 for payments debited to her account for auto insurance and utilities. What is her checkbook balance?

Accepted Answer

$2,715.50 + $$250.16 + $2980.66 + $2550 - $5298.13 - $534.10

Question 7

Bill Morse had a balance of $422.88 in his check register. The bank notified him that Alice Wrong had insufficient funds to cover her check that Bill deposited. The bank indicated that Bill's bank balance was being reduced. Bill felt that this was unfair since he never "bounces" his own checks. Is he justified? Please explain.

Accepted Answer

It is bank policy to deduct all NSF charges from the depositor's account.

Question 8

John Mills has asked you to compute his checkbook balance from the following:

Accepted Answer

The answer of John Mills has asked you to compute...

Question 9

What is the expected cash profit or loss given the following information:
Expected merchandise sales (in cash) $125,000
Expected service sales (in cash) $80,000
Expected fixed cash expenses $75,000
Expected variable cash expenses $120,000

Accepted Answer

The answer of What is the expected cash profit or...

Question 10

Your monthly income is $1,950. You have developed the following list of anticipated cash costs for the month.
Mortgage $750, Car Payment $250, Car Insurance $75, Groceries $250, Cell Phone $120, Cable TV $35, Entertainment $65, 401k Contribution $300, Charitable Contribution $35, Miscellaneous unexpected costs $115.
What would you have to do about your anticipated spending?

Accepted Answer

The answer of Your monthly income is $1,950. You have...

Quiz 6: Banking and Budgeting

The beginning balance of the check register was $492.88. During the month, deposits were made for $210 and $499.88. Checks were written for $18.25, $19.82, and $309.82. Could you calculate the ending balance of the check register?

John Small was looking over his bank statement and jotted down the following information: Could you calculate the ending checkbook balance for John?

As the bookkeeper of Moorse Co., you are asked to complete a bank reconciliation from the following: Outstanding checks $ 7,957.80

Jodie has a checkbook balance of $733.17; she wrote a check payable to Finney's Gym for $24.99 on June 1 and another check for $382.77 payable to Ford Credit on June 10. On June 28, her payroll check from Maryville College for $2,210.54 was deposited electronically. What was her balance on June 28?

John Mills has asked you to compute his checkbook balance from the following:

What is the expected cash profit or loss given the following information: Expected merchandise sales (in cash) $125,000 Expected service sales (in cash) $80,000 Expected fixed cash expenses $75,000 Expected variable cash expenses $120,000