Answered

Look at the table below showing an example of a checkbook ledger.
\begin{tabular}{|l|l|l|l|l|l|}
\hline
\begin{tabular}{l}
Check \\
Number
\end{tabular} & Date & Description & \begin{tabular}{l}
Amount \\
Debited
\end{tabular} & \begin{tabular}{l}
Amount \\
Credited
\end{tabular} & Balance \\
\hline & [tex]$5/7$[/tex] & ATM deposit & & [tex]$\$[/tex]80.00[tex]$ & $[/tex]\[tex]$80.00$[/tex] \\
\hline 242 & [tex]$5/7$[/tex] & Grocery & [tex]$\$[/tex]25.50[tex]$ & & $[/tex]\[tex]$54.50$[/tex] \\
\hline & [tex]$5/8$[/tex] & Paycheck & & [tex]$\$[/tex]650.00[tex]$ & $[/tex]\[tex]$704.50$[/tex] \\
\hline
\end{tabular}

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

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]\[tex]$624.50$[/tex]

B. [tex]$\$[/tex]704.50[tex]$

C. $[/tex]\[tex]$755.50$[/tex]

D. [tex]$\$[/tex]784.50$



Answer :

GinnyAnswer
Let's carefully review and calculate Malcolm's transactions to find out the correct balance.

1. Initial Balance:
Malcolm's initial balance is stated to be zero. So, we start with:
[tex]\[ \text{Initial Balance} = \$0.00 \][/tex]

2. ATM Deposit:
He deposits \[tex]$80.00 at the ATM. Adding this to the initial balance: \[ \text{Balance after ATM Deposit} = \$[/tex]0.00 + \[tex]$80.00 = \$[/tex]80.00
\]

3. Grocery Store Debit:
Malcolm spends \[tex]$25.50 on groceries. Subtracting this from the balance after the ATM deposit: \[ \text{Balance after Grocery Debit} = \$[/tex]80.00 - \[tex]$25.50 = \$[/tex]54.50
\]

4. Paycheck Deposit:
He deposits his paycheck of \[tex]$650.00. Adding this to the balance after the grocery debit: \[ \text{Final Balance} = \$[/tex]54.50 + \[tex]$650.00 = \$[/tex]704.50
\]

Thus, after entering all the transactions correctly, Malcolm's correct balance should be:
[tex]\[ \boxed{\$704.50} \][/tex]