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AIn the check register, what balance should have been entered on 7/31?
BOn the bank statement, what should have been entered for the total deposits?
COn the bank statement, what should have been entered for the total withdrawals?
DOn the bank statement, what should have been entered for the ending balance?
EWhich transaction caused an overdraft, and what was the overdraft amount?

(f) Is the final balance in the register correct? Show how you know.

(g) Why doesn’t the 8/6 ATM withdrawal appear on the bank statement?

Verified Answer :

anthougo

a) On the check register, the balance on 7/31 should be $1,056.37 ($411.07 + $645.30).

b) The total deposits should be $1,290.60 ($645.30 + $645.30).

c) The total withdrawals should be $632.49.

d) The ending balance at July 31 should be $1,056.37.

e) The transaction that caused an overdraft was Cable Bill payment on July 15.

f) The final balance on August 6 is incorrect.  It does not agree with the balance with the bank statement because it included an August's transaction.

g) The 8/6 ATM withdrawal should not appear on the bank statement because it relates to August and not July for which statement is issued.

What are Check Registers and Bank Statements?

A check register shows the financial records of bank transactions maintained by the depositor while the bank statement is issued by the bank to the depositor.

Data and Calculations:

Check Register:

Date  Code or    Transaction    Withdrawal (−)     Credit (+)     Balance

         Check #    Description

                                                                                                     398.26

7/05      214         Plumber                    158.25                             240.01

7/10      215          Car payment            168.36                                71.65

7/15                      AP (Cable bill)          157.42                              -85.77

7/15                      D (Paycheck)                               645.30       559.53

7/24                     AP (Phone bill)        148.46                               411.07

7/31                      D (Paycheck)                              645.30      1,056.37

8/06                    ATM (Dinner)           80.00                             976.37

Bank Statement:

Date         Ref #   Description          Debits (−)     Credits (+)    Balance

7/5            214      Check                   158.25                                240.01

7/10          215      Check                   168.36                                   71.65

7/15          Auto Pay - Cable Co.       157.42

7/15         Deposit                                                 645.30           559.53

7/24        Auto Pay - Phone Co.      148.46                                  411.07

7/31        Deposit                                                 645.30         1,056.37

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