At the beginning of this month, the balance of Carl's checking account was $437.55. So far this month, he has received a paycheck via direct deposit of $687.22, was charged a monthly service fee by his bank of $15.00, used a debit card linked to his account to make a purchase of $62.11, wrote a check for $88.14 that has already been deposited, and deposited a check for $75.00. What is the current balance of Carl's checking account?
Answer:
The current balance of Carl's checking account is $1034.52
Step-by-step explanation:
Opening balance = $437.55
Paycheck received = $687.22
Monthly service fee = $ 15
Used a debit card linked to his account to make a purchase of = $62.11
Wrote a check for = $88.14
Deposited a check for = $75.00
To know the current balance of Carl's account, we will add up all the receivables and subtract all the spending.
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Therefore, the current balance of Carl's checking account is $1034.52