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CHAPTER 3-CHECKING ACCOUNTS

CHAPTER 3-CHECKING ACCOUNTS. PLEASE DO NOW…………. $6.82 + $18.00 + $14.79 + $212.50 = $41.92 + $171.80 - $75.00 = Find the total deposit: Currency : 7 one-dollar bills, 3 five-dollar bills, and 6 ten-dollar bills. Coins : 22 dimes, 41 quarters, and 5 half-dollars. Checks : $17.89 and $31.16.

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CHAPTER 3-CHECKING ACCOUNTS

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  1. CHAPTER 3-CHECKING ACCOUNTS

  2. PLEASE DO NOW…………. • $6.82 + $18.00 + $14.79 + $212.50 = • $41.92 + $171.80 - $75.00 = • Find the total deposit: • Currency: 7 one-dollar bills, 3 five-dollar bills, and 6 ten-dollar bills. • Coins: 22 dimes, 41 quarters, and 5 half-dollars. • Checks: $17.89 and $31.16

  3. ANSWERS…………. • $6.82 + $18.00 + $14.79 + $212.50 = $252.11 • $41.92 + $171.80 - $75.00 = $138.72 • Find the total deposit: • Currency: 7 one-dollar bills, 3 five-dollar bills, and 6 ten-dollar bills. • Coins: 22 dimes, 41 quarters, and 5 half-dollars. • Checks: $17.89 and $31.16 • $146.00

  4. CHAPTER 3 GOALS • How do we make a Deposit? • How do we write a Check? • How do we manage a Check Register? • How do we analyze a Bank Statement? • How do we reconcile a Bank Statement?

  5. CHAPTER 3 BUSINESS MATH STANDARD(S) Achievement Standard: Use mathematical procedures to analyze and solve business problems for such areas as taxation; savings and investment; payroll records; cash management; financial statements; credit management; purchases; sales; inventory records; depreciation, cost recovery, and depletion.

  6. DEFINITIONS to KNOW • Deposit • Checks • Canceled Checks • Check Register • Balance • Statement • Service Charge • Outstanding Checks • Reconcile

  7. 3-1 HOW DO WE MAKE A DEPOSIT? • A deposit is an amount of money that you put into a bank account. • You use a deposit slip to record the amounts of currency, coins, and checks you deposit. • To open a checking account, you must make a deposit.

  8. LET’s PRACTICE Margaret has a check for $235.42 and a check for $55.47. She would like to receive $40 in cash and deposit the rest of the money in her checking account. What is Margaret’s total deposit?

  9. QUESTIONS??? COMPLETE P.126-127 #1-16 in your textbook. HW WB P.29

  10. PLEASE DO NOW…………. • Write in words: • $12.32 • $105.08 • $24.75 • $550.63

  11. ANSWERS…………. • Write in words: • $12.32 Twelve and 32/100 • $105.08 One hundred five and 08/100 • $24.75 Twenty-four and 75/100 • $550.63 Five hundred fifty and 63/100

  12. 3-2 HOW DO WE WRITE A CHECK? • After you have opened a checking account and made a deposit, you can write checks. • A check directs a bank to deduct money from your checking account to make a payment. • Your account must contain as much money as the amount of the check you are writing so that you do not overdraw your account.

  13. 3-2 PARTS OF A CHECK Date line Account holder Check # Bank # Write the payee’s name Bank Routing # Account # Amount in words Signature Line

  14. LET’s PRACTICE Margaret Miller is buying a gift at Hud’s Department Store. The cost of the gift is $45.78. Margaret is paying by check. How should Margaret write the check? Solution: A. Write the date. B. Write the name of the person or organization to whom payment will be made. C. Write the amount of the check as a numeral. D. Write the amount of the check in words with cents written as a fraction of a dollar. E. Make a notation on the check to indicate its purpose. F. Sign the check.

  15. QUESTIONS??? COMPLETE P.128-129 #1-20 in your textbook. HW WB P.30

  16. PLEASE DO NOW…………. • Find the new balance for each: • Balance: $96.25 Deposit: $71.93 • Balance: $271.80 WriteCheck: $86.95 • Balance: $423.67 WriteCheck: $45.24 Deposit: $68.09 WriteCheck: $13.54 Deposit: $11.90

  17. ANSWERS…………. • Find the new balance for each: • Balance: $96.25 Deposit: $71.93 $168.18 • Balance: $271.80 WriteCheck: $86.95 $184.85 • Balance: $423.67 WriteCheck: $45.24 Deposit: $68.09 WriteCheck: $13.54 Deposit: $11.90 • $444.88

  18. 3-3 HOW DO WE MANAGE A CHECK REGISTER? • You use a check register to keep a record of your direct deposits, regular deposits, electronic transfers, and the checks you have written. • The balance is the amount of money in your account. • When you make a deposit, add the amount of the deposit to the balance. When you write a check, subtract the amount of the check from the balance. New Balance= Previous Balance – Check Amount New Balance= Previous Balance + Deposit Amount

  19. LET’s PRACTICE Margaret Miller’s checking account had a balance of $313.54. She wrote a check for $45.78 on March 23rd. On March 25th, she made a deposit of $240.32. What is the new balance in Margaret’s account?

  20. QUESTIONS??? COMPLETE P.130-131 #1-15 in your textbook.

  21. PLEASE DO NOW…………. • Find the present balance: • Previous Balance: $93.51 Deposit: $50.00 WrittenCheck: $46.75 Service Charge: $1.23 • Previous Balance: $216.91 WrittenChecks: $116.91 & $23.56 Deposit: $267.21 Service Charge: $3.55

  22. ANSWERS…………. • Find the present balance: • Previous Balance: $93.51 Deposit: $50.00 WrittenCheck: $46.75 Service Charge: $1.23 $95.53 • Previous Balance: $216.91 WrittenChecks: $116.91 & $23.56 Deposit: $267.21 Service Charge: $3.55 $340.10

  23. 3-4 HOW DO WE ANALYZE A BANK STATEMENT? • When you have a checking account, you receive a statement and cancelled checksfrom the bank each month. • Your statement lists all your checks that the bank has paid and your deposits that the bank has recorded since your last statement. • The statement may include a service charge for handling the account or any interest credited to the account.

  24. LET’s PRACTICE Margaret Miller received her bank statement and cancelled checks for March. She checks the statement. What is her present balance?

  25. QUESTIONS??? COMPLETE P.133-135 #1-13 in your textbook.

  26. PLEASE DO NOW…………. • $241.50 - $121.60 + $175.42 = • $34.80 - $19.32 + $172.90 + $45.81 = • $20.00 + $25.60 - $25.26 + $3.20 = • $78.45 + $67.31 - $13.29 - $56.32 + $181.32 = • $1,398.65 - $234.11 + $56.85 - $11.00 - $93.68 =

  27. ANSWERS…………. • $241.50 - $121.60 + $175.42 = $295.32 • $34.80 - $19.32 + $172.90 + $45.81 = $234.19 • $20.00 + $25.60 - $25.26 + $3.20 = $23.54 • $78.45 + $67.31 - $13.29 - $56.32 + $181.32 = $257.47 • $1,398.65 - $234.11 + $56.85 - $11.00 - $93.68 = • $1,116.71

  28. 3-5 HOW DO WE RECONCILE A BANK STATEMENT? • You reconcile a bank statement to make sure that it agrees with your check register. • You may find some outstanding checks and deposits that appear in your register but did not reach the bank in time to be processed and listed on your statement. Adjusted Balance= Statement Balance – Outstanding Checks + Outstanding Deposits

  29. LET’s PRACTICE

  30. QUESTIONS??? COMPLETE P.137-138 #1-8 in your textbook. HW WB P.33

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