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You have just received your bank statement, which shows that you have a balance of $562.73. However, you wrote your cousin a check for $150, and she has not cashed it yet. Your paycheck, which was direct deposited in your account after the statement, was $893.86. You also wrote a check for your rent that was $400 and spent $73.26 on groceries this morning. What do you need to do to reconcile your account and what total will you get when you do?(1 point)

Responses

nothing
nothing

balance my check book and make sure I have enough money to cover the checks that I wrote
balance my check book and make sure I have enough money to cover the checks that I wrote

call the bank and have them cancel some checks I wrote and pay up to $30 per check to cancel each one
call the bank and have them cancel some checks I wrote and pay up to $30 per check to cancel each one

none of these

1 answer

To reconcile your account, you need to account for the checks you've written, your recent transactions, and your current balance.

  1. Current balance from the bank statement: $562.73
  2. Check written to your cousin (not cashed yet): -$150.00
  3. Your paycheck deposited after the statement: +$893.86
  4. Check written for rent: -$400.00
  5. Grocery expenses: -$73.26

Now let's calculate your reconciled balance:

Step-by-step Calculation:

  1. Start with the bank balance:
    $562.73 (initial balance)
  2. Subtract the check to your cousin:
    $562.73 - $150.00 = $412.73
  3. Add your paycheck:
    $412.73 + $893.86 = $1306.59
  4. Subtract the rent check:
    $1306.59 - $400.00 = $906.59
  5. Subtract the grocery expenses:
    $906.59 - $73.26 = $833.33

Final reconciled total: $833.33

What you need to do:

Given that you have written one check that has not cleared yet and paid rent as well as groceries, you need to balance your checkbook to ensure all your transactions are accounted for correctly. Thus, the best response would be:

"Balance my checkbook and make sure I have enough money to cover the checks that I wrote."

The total you arrive at after reconciling is $833.33.