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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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  • 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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  • 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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  • 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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