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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  • 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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