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

\begin{tabular}{|l|l|l|l|l|l|}
\hline
Check Number & Date & Description & Amount Debited & Amount Credited & Balance \\
\hline
& 5/7 & ATM deposit & & \[tex]$80.00 & \$[/tex]80.00 \\
\hline
242 & 5/7 & Grocery & \[tex]$25.50 & & \$[/tex]54.50 \\
\hline
& 58 & Paycheck & & \[tex]$650.00 & \\
\hline
\end{tabular}

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. \$[/tex]784.50



Answer :

GinnyAnswer
Let's go through the transactions step-by-step to determine Malcolm's correct balance assuming he had no beginning balance.

1. Initial Balance: Malcolm starts with an initial balance of \[tex]$0.00. 2. ATM Deposit on 5/7: - Malcolm deposits \$[/tex]80.00 in the ATM.
- Balance after this transaction:
[tex]\[ \$0.00 + \$80.00 = \$80.00 \][/tex]

3. Grocery Store Payment on 5/7:
- Malcolm makes a grocery store payment of \[tex]$25.50. - Balance after this transaction: \[ \$[/tex]80.00 - \[tex]$25.50 = \$[/tex]54.50
\]

4. Paycheck Deposit on 5/8:
- Malcolm deposits a paycheck of \[tex]$650.00. - Balance after this transaction: \[ \$[/tex]54.50 + \[tex]$650.00 = \$[/tex]704.50
\]

Thus, the balance after entering all the receipts correctly is:
[tex]\[ \boxed{704.50} \][/tex]

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