Use the information below to complete your portfolio.

Question

You recently opened your checking account with ReallyBigBank on August 1 using $100.00.

Complete the checkbook register using the following transactions then explain how you completed each of the transactions (including your equations used to find the totals).

August 1 – Opened the checking account with $100.00
August 2 – Purchased groceries from Grocer’s Haven for $43.82 plus 4% tax. (Check 101)
August 2 – Paid $8.00 for parking using your debit card.
August 4 – Deposited paycheck from work. ($9.75/hr for 40 hours)
August 6 – Paid HydroPower $35.11. (Check 102)
August 6 – Bought 3 pairs of pants at $29.99 each with a 10% coupon and 5% sales tax from Bargains-R-Us. (Check 103)
August 7 – Bought a bike for $180.00, helmet for $14.95, and gloves for $8.95 from Wheels-2-Go. Used a 15% off coupon and there was 4% sales tax. (Check 104)
August 11 – Deposited paycheck from work less $90.00 ($9.75/hr for 40 hours minus $90)
August 11 – Opened a savings account with $110.00 transferred from the checking account.
August 12 – Ate lunch at Hamburger Mayvn for $5.65 plus 5% tax. Used your debit card to pay for it.

Number
Date
Transaction Description
Payment,
Deposit
Balance

Fee,
(+)
$

Withdrawal

(-)

Be sure to include in your response:
The equations you used to complete your calculations.
The balance as of August 12.
The process for entering the transaction in the registry (this can be a general listing of the steps you followed).

Answer 1

To complete your checkbook register for your checking account at ReallyBigBank, we will go through each transaction step-by-step, calculate the totals, and maintain a running balance.

Checkbook Register

| Number | Date | Transaction Description | Payment | Deposit | Balance | |--------|------------|---------------------------------------------------------|---------|---------|-----------| | | August 1 | Opened checking account | | $100.00 | $100.00 | | 101 | August 2 | Purchased groceries from Grocer’s Haven | $43.82 + 4% Tax | | | | | | Tax = $43.82 * 0.04 = $1.75, Total = $43.82 + $1.75 = $45.57 | $45.57 | | | | | August 2 | Paid for parking | $8.00 | | | | 102 | August 4 | Deposited paycheck from work ($9.75/hr * 40 hours) | | $390.00 | | | | | Total Earned = 9.75 * 40 = $390.00 | | | | | 103 | August 6 | Paid HydroPower | $35.11 | | | | | August 6 | Bought pants (3 pairs x $29.99 each) with discount and tax | $29.99*3 = $89.97 | | | | | | Discount = $89.97 * 0.10 = $8.99 (Total after discount = $89.97 - $8.99 = $80.98) | | | | | | Tax = $80.98 * 0.05 = $4.05, Total = $80.98 + $4.05 = $85.03 | $85.03 | | | | 104 | August 7 | Bought a bike, helmet, and gloves | | | | | | | Bike: $180.00, Helmet: $14.95, Gloves: $8.95 = $203.90 | | | | | | | Discount = $203.90 * 0.15 = $30.585 (Total after discount = $203.90 - $30.585 = $173.315) | | | | | | Tax = $173.315 * 0.04 = $6.93, Total = $173.315 + $6.93 = $180.25 | $180.25 | | | | 105 | August 11 | Deposited paycheck from work less $90 | | $300.00 | | | | | Total = (390 - 90) = $300.00 | | | | | | August 11 | Opened savings account with $110.00 | $110.00 | | | | | August 12 | Lunch at Hamburger Mayvn | $5.65 + 5% Tax | | | | | | Tax = $5.65 * 0.05 = $0.28, Total = $5.65 + $0.28 = $5.93 | $5.93 | | |

Process of Completing the Transactions:

1. Opened Checking Account:

   • Starting balance: $100.00

2. Purchased Groceries:

   • Tax calculation: $43.82 * 0.04 = $1.75
   • Total amount = $43.82 + $1.75 = $45.57
   • Update balance: $100 - $45.57 = $54.43

3. Paid for Parking:

   • Balance after payment: $54.43 - $8.00 = $46.43

4. Deposited Paycheck:

   • Earnings from work: $9.75 * 40 hours = $390.00
   • Update balance: $46.43 + $390.00 = $436.43

5. Paid HydroPower:

   • Update balance: $436.43 - $35.11 = $401.32

6. Purchased Pants:

   • Total for pants before tax: $29.99 * 3 = $89.97
   • Discount: $89.97 * 0.10 = $8.99
   • New total after discount: $89.97 - $8.99 = $80.98
   • Sales Tax: $80.98 * 0.05 = $4.05
   • Total = $80.98 + $4.05 = $85.03
   • Update balance: $401.32 - $85.03 = $316.29

7. Purchased Items from Wheels-2-Go:

   • Total cost: $180.00 + $14.95 + $8.95 = $203.90
   • Discount: $203.90 * 0.15 = $30.585
   • New total after discount = $203.90 - $30.585 = $173.315
   • Sales Tax: $173.315 * 0.04 = $6.93
   • Total = $173.315 + $6.93 = $180.25
   • Update balance: $316.29 - $180.25 = $136.04

8. Deposited Paycheck Less $90:

   • Update balance: $136.04 + $300.00 = $436.04

9. Opened Savings Account:

   • Withdrawal for savings: $110.00
   • Update balance: $436.04 - $110.00 = $326.04

10. Ordered Lunch at Hamburger Mayvn:

• Tax calculation: $5.65 * 0.05 = $0.28
• Total amount = $5.65 + $0.28 = $5.93
• Update balance: $326.04 - $5.93 = $320.11

Final Balance as of August 12:

• The balance in your checking account after all transactions on August 12 is $320.11.

Summary of Equations Used:

1. Tax: Amount (before tax) * tax rate
2. Total: Amount (before tax) + Tax
3. New Balance: Previous Balance +/- Transaction Amount

This contains a careful breakdown of each transaction and details on how to manipulate the figures correctly in your checkbook register.