Question

Selina has a balance of $1,200 in his First State Bank checking account. He deposits a $387.89 paycheck, a $437.12 dividend check, and a personal check for $250 into his account. He wants to receive $400 in cash. How much will he have in his account after the transaction?

Answer 1

$1,875.01

Explanation:

Cash in Bank :

DEBIT(+) :

+ $1,200.00

+ $387.89

+ $250.00

+ $437.12

CREDIT (-) :

- $400.00

Capital:

DEBIT (-) :

- $400.00

CREDIT (+) :

+ $1,200.00

+ $387.89

+ $250

Accounts Payable :

DEBIT (-):

0

CREDIT (+):

+ $437.12