Question

Erwin began the month with a bank balance of $0. His bank statement shows one credit (+) and one debit (-). HIs balance at the end of the month was $15. What could be the amounts shown as Erwin's bank statement. Explain how you got your answer.

Answer 1

Credit ⇒ 45

Debit ⇒ $30

Explanation:

Credit = $45

Debit = $30

When an account balance increases it means that it has been credited and when it decreases, it has been debited.

The beginning balance here is $0 and the closing balance is $15.

There were 2 transactions, one credit and one debit.

For the closing balance to be $15, the Credit amount must have been $15 more than the Debit amount.