Complete these activities. Number Date Transaction Description Payment, Fee, Withdrawal (-) Deposit, Credit (+) Balance $ 6/6
Question:
Complete these activities.
Number | Date | Transaction Description | Payment, Fee, Withdrawal (-) | Deposit, Credit (+) | Balance $ |
---|---|---|---|---|---|
6/6 | Deposit | $50.00 | $50.00 |
Above is an example of the top of a checkbook register. The "Balance" column keeps a running amount of what is available in your account. If you made a deposit of $50.00 on June 6 when you opened the account, then the first entry in the register would look like what you see above.
Problem 1
You make a purchase at the local grocery store on June 8. The total for the items is $93.88 and the sales tax is 5%. You write check #501 for the amount due. Howshould the registry entry appear?
Solution 1
First, you have to calculate the total of your purchases including sales tax. Second, you complete the entry in the registry using that amount.
Show Answer
Number | Date | Transaction Description | Payment, Fee, Withdrawal (-) | Deposit, Credit (+) | Balance $ |
---|---|---|---|---|---|
501 | 6/8 | ABC Grocery | 98.57 |
The last step would be to subtract the $98.57 from the previous balance and write that amount as the current balance.
Problem 2
You pay the local Big Power company $35.87 on June 19 using your debit card. Your current registerlooks like the one below. How should this transaction appear?
Number | Date | Transaction Description | Payment, Fee, Withdrawal (-) | Deposit, Credit (+) | Balance $ |
---|---|---|---|---|---|
$205.67 |
Solution 2
Number | Date | Transaction Description | Payment, Fee, Withdrawal (-) | Deposit, Credit (+) | Balance $ |
---|---|---|---|---|---|
$205.67 | |||||
6/19 | Big Power | 35.87 | $169.80 |
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill