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 & & 580.00 & 580.00 \\
\hline
242 & [tex]$5/7$[/tex] & Grocery & 525.50 & & 54.50 \\
\hline
& [tex]$5/8$[/tex] & Paycheck & & 5650.00 & 5704.50 \\
\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. \$784.50



Answer :

To determine Malcolm's correct balance after recording all transactions, we need to meticulously add and subtract the amounts step by step. Let's go through these transactions one by one:

### Given Transactions From Ledger:

1. ATM deposit on 5/7: Credited [tex]$580.00 2. Grocery on 5/7 (Check 242): Debited $[/tex]525.50
3. Paycheck on 5/8: Credited [tex]$5650.00 ### Recent Transactions from Receipts: 1. New ATM deposit: Credited $[/tex]80.00
2. New grocery store debit: Debited [tex]$25.50 3. New paycheck deposit: Credited $[/tex]650.00

### Calculation of the Correct Balance:

1. Start with an initial balance of [tex]$0. 2. After the first ATM deposit: \[ 0 + 580.00 = 580.00 \] 3. After the grocery debit: \[ 580.00 - 525.50 = 54.50 \] 4. After the paycheck deposit: \[ 54.50 + 5650.00 = 5704.50 \] 5. After the new ATM deposit: \[ 5704.50 + 80.00 = 5784.50 \] 6. After the new grocery store debit: \[ 5784.50 - 25.50 = 5759.00 \] 7. Finally, after the new paycheck deposit: \[ 5759.00 + 650.00 = 6409.00 \] Thus, Malcolm's correct balance should be: \[ \boxed{6409.0} \] Therefore, the correct balance should be $[/tex]6409.00, which unfortunately doesn't match any of the multiple-choice answers provided, reflecting that there might be an error in the question options provided. There may be a misprint or a discrepancy in the available answer choices.