Clear Checkbook
Does anyone understand how to balance a checkbook? what methods of math need to be used?
I need to find the current ballance and to show my work. I dont want the answers. i want help getting to the correct answers. my book gives no clear explanations on how to do this so this is the information i'm given for the problem.
Current Checkbook Balance-- $400.00
Checks Outstanding--$555.50
Deposits in Transit--$225.00
Service Charge--$1.75
can you please help me understand what the terms mean ( like whats an "outstanding"? what's that mean, etc.) and then please show me how to find the ballance. what methods of math need to be used?
Checks outstanding are checks you've written but that have not been cashed yet. Subtract this number from your current balance.
400 - 555.50 = -155.50
Oh no! You have a negative balance! Good thing you have deposits in transit, or money on the way. Add this money to your new total.
-155.50 + 225 = 69.50
Service charge is the money the bank charges for having your account there. Subtract this from your balance.
69.50 - 1.75 = 67.75
Math methods involved are the adding and subtracting of integers and decimals.
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