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Look at the table below showing an example of a checkbook ledger.

| Check Number | Date | Description | Amount Debited | Amount Credited | Balance |
|--------------|-------|---------------|----------------|-----------------|----------|
| | 5/1 | ATM deposit | | [tex]$80.00 | $[/tex]80.00 |
| 242 | 5/1 | Grocery | [tex]$25.50 | | $[/tex]54.50 |
| | 5/8 | Paycheck | | [tex]$650.00 | $[/tex]704.50 |

Malcolm has several receipts from recent transactions that he entered in his records. The receipts include an ATM receipt for an [tex]$80.00 deposit, a grocery store receipt for $[/tex]25.50, and a paycheck deposit slip for [tex]$650.00.

When he finishes entering his transactions, Malcolm realizes that his balance is incorrect. Assuming that Malcolm had no beginning balance, what should his correct balance be?

A. $[/tex]624.50
B. [tex]$704.50
C. $[/tex]755.50
D. $784.50



Answer :

GinnyAnswer
Let's walk through the provided transactions step by step to determine what Malcolm’s correct balance should be, given that he started with a beginning balance of [tex]$0.00. 1. First Transaction: ATM Deposit - Description: ATM deposit - Amount Credited: $[/tex]80.00
- Malcolm’s balance after this transaction: [tex]$0.00 (initial balance) + $[/tex]80.00 = [tex]$80.00 2. Second Transaction: Grocery Debit - Description: Grocery - Amount Debited: -$[/tex]25.50
- Malcolm’s balance after this transaction: [tex]$80.00 - $[/tex]25.50 = [tex]$54.50 3. Third Transaction: Paycheck Deposit - Description: Paycheck - Amount Credited: $[/tex]650.00
- Malcolm’s balance after this transaction: [tex]$54.50 + $[/tex]650.00 = [tex]$704.50 Thus, the correct balance should be $[/tex]704.50.

Therefore, among the given options, Malcolm's correct balance should be:
- [tex]$\$[/tex] 624.50[tex]$ - $[/tex]\[tex]$ 704.50$[/tex]
- [tex]$\$[/tex] 755.50[tex]$ - $[/tex]\[tex]$ 784.50$[/tex]

The correct balance is:
[tex]$\$[/tex] 704.50$

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