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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 deposit, grocery, paycheck. The fourth column is labeled amount debited with entries blank, 25.50, blank. The fifth column is labeled amount credited with entries 80, blank, 650. The sixth column is labeled Balance with entries 80, 54.50, blank. Malcolm has several receipts from recent transactions that he entered in his records. The receipts include an ATM receipt for an $80.00 deposit, a grocery store receipt for $25.50, and a paycheck deposit slip for $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? $624.50 $704.50 $755.50 $784.50

Respuesta :

Answer:

The second option is correct,$704.50

Explanation:

The amount spent my Malcolm is the $25.5 which was reflected from the grocery  store receipt which was a debit(outgoing) Malcolm checkbook ledger

On the other hand,Malcolm had receipts of $80.00 ATM deposit of cash as well as the paycheck deposit of $650.00

The total receipts for the month is $730 ($650+$80),when deducted from the amount used for shopping at the grocery store,Malcolm is left with $704.50 ($730-$25.5).

Invariably the accurate balance is $704.50

anthougo

Based on the assumption that Malcolm had no beginning balance, his correct balance for his checking account in his checkbook ledger should be B. $704.50.

Data and Calculations:

Check Number    Date   Description        Amount    Amount      Balance

                                                                   Debited   Credited

                              5/7     ATM Deposit                          $80          $80.00

242                        5/7     Grocery             $25.50                            54.50

                             5/8      Paycheck                            $650        $704.50

  • An amount debited reduces the checking account balance.
  • An amount credited increases the positive balance.

Thus, if it is assumed that Malcolm had no beginning balance, his correct balance for his checking account should be B. $704.50.

Learn more about the correct balance for a checking account and  the checkbook ledger here: https://brainly.com/question/25608414

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