The opening balance in your checking account was $1000.During the month you had the following activity: wrote two checks for $45.00 and $75.00 but only the first one cleared; had two debit card transactions for $50 and $35.20; received a bank charge for the account of $6,deposited a check you received from a friend for $100 but it did not clear by month end.What is your month end account balance?

Question

Quizplus · Accepted Answer

Starting balance = $1000
Subtract first check = $955
Subtract debit card transactions = $869.80
Subtract bank charge = $863.80
Add deposited check = $963.80

Since the deposited check did not clear by the end of the month, it cannot be included in the final balance. Therefore, the month end account balance is $863.80.

The Opening Balance in Your Checking Account Was $1000