Ron Larson
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2.4 Budgeting

2.4 Budgeting
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  • 9. Balancing Your Checkbook

    Find the balance in your checking account as of 6/26/12. (See Example 3 and Example 4.)

    • Worked-Out Solution

      When balancing your checkbook, remember to subtract debits (expenses) and add credits (deposits).

      Your balance on 6/26/12 is $540.26.

      An easy way to check your work is to enter the information in a spreadsheet.

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      ______    ______    _____    __   __   _    _   
 /_   _//  /_   _//  |__  //   \ \\/ // | \  / || 
   | ||     -| ||-     / //     \ ` //  |  \/  || 
  _| ||     _| ||_    / //__     | ||   | .  . || 
 /__//     /_____//  /_____||    |_||   |_|\/|_|| 
 `--`      `-----`   `-----`     `-`'   `-`  `-`
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    Guest   6 months ago |
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  • 10. Balancing Your Checkbook

    Find the balance in your checking account as of 6/30/12. (See Example 3 and Example 4.)

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    __    __   __   __    _  _    __   __            
\ \\ / //  \ \\/ //  | \| ||  \ \\/ //   ____    
 \ \/ //    \ ` //   |  ' ||   \ ` //   |    \\  
  \  //      | ||    | .  ||    | ||    | [] ||  
   \//       |_||    |_|\_||    |_||    |  __//  
    `        `-`'    `-` -`     `-`'    |_|`-`   
                                        `-`
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    Guest   6 months ago |
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  • 11. Finding Bad Checks

    Are there any bad checks shown in your checkbook registry? If so, which checks are bad? (See Example 3 and Example 4.)

    • Worked-Out Solution

      To determine whether you have any bad checks, complete the entire registry. An easy way to do this is to enter the information into a spreadsheet.

      From the spreadsheet, you can see that Check #220 resulted in a negative balance in your account. So, this was a "bad check."

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      _____      ___                 ___      ______  
 |__  //    / _ \\      ___     / _ \\   /_____// 
   / //    / //\ \\    /   ||  / //\ \\  `____ `  
  / //__  |  ___  ||  | [] || |  ___  || /___//   
 /_____|| |_||  |_||   \__ || |_||  |_|| `__ `    
 `-----`  `-`   `-`     -|_|| `-`   `-`  /_//     
                         `-`             `-`
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    Guest   12 months ago |
    TAJUW
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  • 12. Forgetting a Check

    You forget to record check #217 (shown below) in your checkbook registry. Explain the consequences of this omission. (See Example 3 and Example 4.)

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     _____       ___      _____    __   __  __    __  
|  __ \\    / _ \\   / ____||  \ \\/ // \ \\ / // 
| |  \ ||  | / \ || / //---`'   \ ` //   \ \/ //  
| |__/ ||  | \_/ || \ \\___      | ||     \  //   
|_____//    \___//   \_____||    |_||      \//    
 -----`     `---`     `----`     `-`'       `
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  • 13. The Consequences of a Bad Check

    The bad check policy at your bank is to return the bounced check to the vendor and charge your account $45 for each instance. Using the information in Excercise 12, find the actual balance in your checking account as of 7/8/12. (See Example 3 and Example 4.)

    • Worked-Out Solution

      Because you forgot to record check #217 on 7/1/2012, your account did not have enough funds to cover checks #218, 219, and 220. Your bank returned all three checks and did not deduct the money from your account. Instead, your bank charged you $45 for each check and deducted that amount from your balance.

      Your balance as of 7/8/2012 is $319.01. Remember, however, that you have not paid your car payment, electric bill, or cell phone bill.

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      ____       ___     __   _      ___      _  _   
 |  _ \\    / _ \\  | || | ||   / _ \\   | \| || 
 | |_| ||  | / \ || | '--' ||  | / \ ||  |  ' || 
 | .  //   | \_/ || | .--. ||  | \_/ ||  | .  || 
 |_|\_\\    \___//  |_|| |_||   \___//   |_|\_|| 
 `-` --`    `---`   `-`  `-`    `---`    `-` -`
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  • 14. Consequences of Forgetting a Check

    In addition to the bank charges in Exercise 13, each vendor shown in your checkbook registry charges a $35 penalty for an insufficient funds check. What is your total cost of bad check fees? (See Example 3 and Example 4.)

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     _    _     _____    __   __   __   __    ______  
| || | ||  |  ___||  \ \\/ //  \ \\/ //  /_   _// 
| || | ||  | ||__     \   //    \ ` //     | ||   
| \\_/ ||  | ||__     / . \\     | ||     _| ||   
 \____//   |_____||  /_//\_\\    |_||    /__//    
  `---`    `-----`   `-`  --`    `-`'    `--`
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