Question

Lucus had a balance of $21 in his checking account. Since then he made deposits of $187, $445 and $454 and wrote checks for $74, $137, $139, and $240. When all of the deposits are recorded and all of the checks clear, what balance will he have in his checking account?

Answer 1

Based on the opening balance, the amounts deposited, and the amounts for checks, the balance in the account should be $517.

The deposits into the account will increase the balance whilst the checks will do the opposite.

The balance is therefore:

= Opening balance + Deposits - Checks

= 21 + 187 + 445 + 454 - 74 - 137 - 139 - 240

= 21 + 1,086 - 590

= $517

In conclusion, the balance will be $517.

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