Question

An online bank statement reads as follows: Account balance: $986.24 Car payment: $203.34 Gas bill: $96.67 Check deposit: $1289.60 Cash deposit: $45 Debit card transaction: $67.12 ATM withdrawal: $30 Find the current account balance to date.

A. $937.47
B. $1,726.52
C. $1,555.33
D. $1,923.71

Answer 1

Option D is the answer.

Explanation:

Account balance: $986.24

Car payment: $203.34 (debit)

Gas bill: $96.67 (debit)

Check deposit: $1289.60 (credit)

Cash deposit: $45 (credit)

Debit card transaction: $67.12 (debit)

ATM withdrawal: $30 (debit)

We will add the credits and subtract the debits.

`986.24-203.34-96.67+1289.60+45-67.12-30=1923.71` dollars

Hence, the answer is option D.

Note: The debit is defined as those values that are subtracted from the account like bills and withdrawals.

The credit are those values that are added to the account balance and these are deposits or interest earned etc.

Answer 2

D. $1,923.71

Explanation:

Add deposits and subtract withdrawals or payments to/from the original balance. Any calculator can tell you the result:

$1,923.71

_____

For these answer choices, an estimate will let you select the right answer.

Starting with near $1000, there are deposits of about $1300 and withdrawals totaling about $400. That leaves a balance of about 1000+1300-400 = 1900, close to choice D.