Question

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

A 6-column table has 3 rows. The first column is labeled check number with entries blank, 242, blank. The second column is labeled date with entries 5/7, 5/7, 5/8. The third column is labeled Description with entries A T M , grocery, paycheck. The fourth column is labeled amount debited with entries 2, 32.50, blank. The fifth column is labeled amount credited with entries 60, blank, 1,200. The sixth column is labeled Balance with entries 378, 345, 1,545.50.

Adrienne has several receipts from recent transactions that she entered in her records. The receipts include an ATM receipt for a $60.00 withdrawal (plus a $2.00 transaction fee), a grocery store receipt for $32.50, and a $1,200 paycheck deposit slip.

When she finishes entering her transactions, Adrienne realizes that her balance is incorrect. Assuming that Adrienne’s beginning account balance was $320.00, why is her balance incorrect?

Adrienne forgot to include the $2.00 ATM transaction fee.
Adrienne did not use $320.00 as her starting balance.
Adrienne deducted $23.50 from her balance instead of $32.50.
Adrienne did not enter her ATM withdrawal correctly.

Answer 1

Answer:

D) adrienne did not enter her ATM withdrawl correctly

Explanation:

correct on edge

Answer 2

Adrienne's balance is incorrect because D. Adrienne did not enter her ATM withdrawal correctly.

Data and Calculations:

Check Number  Date  Description    Debit      Credit      Balance

                          5/7     ATM                $2.00       $60       $378

242                    5/7     Grocery           32.50                       345

                          5/8    Paycheck                       1,200      1,545.50

Adrienne' correct balance on May 8 should have been $1,425.50 ($1,545.50 - ($60 x 2).

Thus, Adrienne should debit the ATM withdrawal instead of crediting it.  To correct the wrong posting, the $60 is doubled and then debited.

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