Question

For a two week period, John and Amanda had the following transactions occur to their checking account: a deposit of $1,644.50; checks written for $190, $45, and $7.50; and debit card transactions for $30, $5.59, $7.20, and $21.30. What is the ending balance for this time frame?

A. $1,234.56
B. $1,466.09
C. $1,352.24
D. $1,337.91

Answer 1

The deposit of $1,644.50 is a gain to their account, while the checks written and debit card transactions are losses to be subtracted. The total of the 3 checks written is 190 + 45 + 7.50 = 242.50. Meanwhile, the total of the 4 debit card transactions is 30 + 5.59 + 7.20 + 21.30 = 64.09. Then the total losses are 242.50 + 64.09 = 306.59. Subtracting this from 1644.50 gives 1337.91, which is choice D.