Question

the beginning balance of the monthly bank statement for Ignatius' checking account was 124.82, and the ending balance was 659.27. what can be said about Ignatius's transactions for the month? A.) he had $784.09 more in debits than in credits B.) he had $534.45 more in debits than in credit C.) he had $534.45 more in credit than in debits D.) he had $784.09 more in credits then in debits

Answer 1

C.) he had $534.45 more in credit than in debits

Explanation:

Let's call C the amount in credit that Ignatius had, and D the amount in debits that Ignatius had during the month.

We know that the initial amount in his account was 124.82, while the final balance was 659.27. The final amount is equal to the initial amount plus the amount of credits minus the amount of debits; in formula:

`659.27 = 124.82+(C-D)`

Re-arranging the equation, we find:

`C-D=659.27-124.82=534.45\\C=D+534.45`

Which means that Ignatius had $534.45 more in credit than in debits, which corresponds to option C.