Question

Create a check register for the transactions listed. There is a $2.25 fee for each ATM use. Print a copy of the check register from /financial_alg2e.

a. Your balance on 10/29 is $237.47
b. You write check 115 on 10/29 for $18.00 to Fox High School.
c. You deposit a paycheck for $162.75 on 10/30.
d. You deposit a $25 check for your birthday on 11/4.
e. On 11/5, you go to a sporting event and run out of money. You use the ATM in the lobby to get $10 for snacks.
f. Your credit card bill is due on 11/10, so on 11/7 you write check 116 to Credit USA for $51.16.
g. Your sister repays you $20 on 11/10. You deposit it.
h. You withdraw $20 from the ATM to buy flowers on 11/12.
i. You deposit your paycheck for $165.65 on 11/16.
j. You deposit a late birthday check for $35 on 11/17.

Answer 1

A check register is a chronological record of your transactions and balance. The example provided begins with a starting balance and adjusts for each transaction, demonstrating how to keep an accurate record and ending with a balance of $542.21.

Step-by-step explanation:

Creating a check register requires recording all transactions to keep track of your balance. Here is a step-by-step guide based on the transactions provided:

1. Starting balance on 10/29: $237.47.
2. 10/29 - Check 115 written for $18.00 to Fox High School: $237.47 - $18.00 = $219.47.
3. 10/30 - Deposit paycheck: $219.47 + $162.75 = $382.22.
4. 11/4 - Deposit birthday check for $25: $382.22 + $25.00 = $407.22.
5. 11/5 - ATM withdrawal of $10 plus $2.25 fee: $407.22 - $10.00 - $2.25 = $394.97.
6. 11/7 - Check 116 written for $51.16 to Credit USA: $394.97 - $51.16 = $343.81.
7. 11/10 - Sister repays $20: $343.81 + $20.00 = $363.81.
8. 11/12 - ATM withdrawal of $20 plus $2.25 fee: $363.81 - $20.00 - $2.25 = $341.56.
9. 11/16 - Deposit paycheck for $165.65: $341.56 + $165.65 = $507.21.
10. 11/17 - Deposit late birthday check for $35: $507.21 + $35.00 = $542.21.

This financial_alg2e example illustrates how to manage a check register and maintain an accurate account balance, which is essential for proper budgeting and financial management.