Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Andrew Parker, of San Marcos, Texas, has a checking account at the credit union affiliated with his university. Illustrated below are his monthly statement and

Andrew Parker, of San Marcos, Texas, has a checking account at the credit union affiliated with his university. Illustrated below are his monthly statement and check register for the account.

Account Name Andrew Parker Period of Activity 11/2/18- 12/01/18
Account # 123-45678
Summary of Your Activity This Month
Date Activity Amount Balance
11/02 $ 425.85
11/04 Debit Card POS Transaction $ 17.92 407.93
11/09 Check #237 34.51 373.42
11/12 Direct Deposit 819.11 1,192.53
11/13 Debit Card POS Transaction 657.69 534.84
11/13 EFT 83.44 451.40
11/15 Check #238 21.58 429.82
11/23 Debit Card POS Transaction 68.87 360.95
11/27 Debit Card POS Transaction 41.44 319.51
11/28 Deposit 200.00 519.51
11/30 Check #239 130.00 389.51
11/30 Service Charge 4.50 385.01
11/30 ATM Withdrawal 100.00 285.01
12/01 Check #240 46.00 239.01

Date Check # Payee/Payor For Amount Balance
11/01 $ 425.85
11/03 Debit Card CVS Cold Meds $ 17.92 407.93
11/05 237 Univ. Book Store Of Mice and Men 34.51 373.42
11/12 Deposit PNC Bank Payday-Yeah! 819.11 1,192.53
11/12 238 ABC Property Mgmt. Rent 657.69 534.84
11/13 Debit Card Kroger's Groceries 83.44 451.40
11/13 Electronic Payment Maysville Water Water Bill 21.58 429.82
11/23 Debit Card Kroger's Groceries 67.88 361.94
11/23 Debit Card Applebee's Dinner with Karen 41.44 320.50
11/27 Deposit Mom For Utilities 200.00 520.50
11/27 239 Duke Power Electric/Heat Bill 130.00 390.50
11/27 240 Conoco Gas 46.00 344.50
11/30 Debit Card ATM Withdrawal Carry Around Money 100.00 244.50
12/01 241 Comcast Cable Bill 51.46 194.04

Reconcile the checking account and answer the following questions. Leave no cells blank. Enter zero wherever required.

  1. What is the total of the outstanding checks? Round your answer to the nearest cent.

    $

  2. What is the total of the outstanding deposits? Round your answer to the nearest cent.

    $

  3. Why is there a difference between the uncorrected balance in the check register and the balance on the statement?

    The input in the box below will not be graded, but may be reviewed and considered by your instructor.

  4. What is the updated and correct balance in the check register? Round your answer to the nearest cent.

    $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Essential Nonprofit Fundraising Handbook

Authors: Michael A. Sand, Linda Lysakowski

1st Edition

1601630727, 978-1601630728

More Books

Students also viewed these Finance questions