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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
\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]$\$[/tex] 80.00[tex]$, 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
To determine the correct balance Malcolm should have, let's walk through the transactions step-by-step, considering he started with no initial balance.

1. Initial Balance:
- Malcolm starts with \[tex]$0.00. 2. ATM Deposit: - Malcolm deposits \$[/tex]80.00 at the ATM.
- New balance: \[tex]$0.00 + \$[/tex]80.00 = \[tex]$80.00. 3. Grocery Expense: - Malcolm spends \$[/tex]25.50 on groceries.
- New balance: \[tex]$80.00 - \$[/tex]25.50 = \[tex]$54.50. 4. Paycheck Deposit: - Malcolm deposits a paycheck of \$[/tex]650.00.
- New balance: \[tex]$54.50 + \$[/tex]650.00 = \[tex]$704.50. After entering all the transactions, the correct balance Malcolm should have is \$[/tex]704.50. Therefore, the correct answer is:

\$704.50