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

Question

Complete the checkbook register using the following transactions then explain how you
completed the first four transactions.
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 $100.00 ($9.75/hr for 40 hours)
August 11 – Opened a savings account with $100.00 transferred from the checking account.
(Note: This is an additional $100.00, not the $100.00 you just took out of your paycheck)
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,
Fee,
Withdrawal
(-)
Deposit,
Credit (+)
Balance
$
Be sure to include in your response:
• The steps you followed to complete your computations.
• The balance as of August 12
• The process for entering the transaction in the registry.

Answer 1

Based on the given transactions, the checkbook register can be completed as follows:

Number Date Transaction Description Payment/Fee/Withdrawal (-) Deposit/Credit (+) Balance ($)
101 Aug 2 Grocer's Haven $48.71 - $51.29
101 Aug 2 Debit Card: Parking $8.00 - $43.29
102 Aug 4 Paycheck: Work - $390.00 $433.29
103 Aug 6 HydroPower $35.11 - $398.18
104 Aug 6 Bargains-R-Us $95.67 - $302.51
104 Aug 7 Wheels-2-Go $216.40 - $86.11
104 Aug 11 Check: Work $390.00 - $476.11
105 Aug 11 Savings Account $100.00 - $576.11
105 Aug 12 Debit Card: Hamburger Mayvn $5.94 - $570.17

To complete these computations, follow these steps:

1. August 1 - Opening the checking account with $100.00:
This transaction initializes your checking account with an opening balance of $100.00. Record it in the balance column as the starting balance.

2. August 2 - Purchasing groceries from Grocer's Haven:
The transaction amount is $43.82 plus 4% tax. Calculate the tax amount by multiplying the transaction amount by 4% (0.04). Add the tax to the transaction amount. Subtract the resulting total from the previous balance to get the new balance.

3. August 2 - Paying for parking using your debit card:
The transaction amount is $8.00. Subtract this amount from the previous balance to get the new balance.

4. August 4 - Depositing paycheck from work:
The transaction amount can be calculated by multiplying the hourly rate ($9.75) by the number of hours worked (40 hours). Once calculated, add this amount to the previous balance to get the new balance.

Continue this process for all the remaining transactions, adjusting the balance accordingly based on deposits and withdrawals.

The balance as of August 12 is $570.17.

To enter a transaction in the registry, you need to record the transaction number, date, description, payment/fee/withdrawal amount, deposit/credit amount, and the resulting balance. For each transaction, identify the correct transaction number, date, description, and input the respective payment/fee/withdrawal or deposit/credit amount. Calculate the new balance by adding or subtracting the transaction amount from the previous balance.