personal finance unit 3: checking and savings balancing …€¦ · personal finance unit 3:...
TRANSCRIPT
Personal Finance
Unit 3: Checking and Savings
Balancing a Checkbook
Objectives: Practice balancing a checkbook
Discover record keeping errors
Standard: Discuss the importance of taking responsibility for personal financial decisions
Name: _____________________________________
Part 1: How to balance a checkbook: (we will work on this together)
1. Why is it important to balance (reconcile) your checking account every month?
______________________________________________________________________________
______________________________________________________________________________
2. Recording transactions in a checkbook register
Using the 1st checkbook register in this packet, record the following transaction:
Check number 181 PetWorld $35.46 for pet food
3. Follow along with the class to balance the checkbook
Step 1: In your check register, check off any items that appear on your bank statement
and your register
Step 2: Record any bank fees or services charges listed on your bank statement in your
check register
Step 3 – Record any transactions that appear on your bank statement that do not appear
on your check register – this is your adjusted checkbook register balance
Steps 4 – 9 – Follow the instructions on the reconciliation form that is included with your
bank statement
Part 2: On Your Own (15 points)
Reconcile the checking account for the second set of information included in this packet
Part 1: Work Together Reconciliation Form
Part 1: Work together Check Register
Checkbook Register Debits(-s) Credits (+s) Balance
No. Date Transaction Checks and
Fees Deposits & Interest $429.32
174 10/01 Becker’s Supermarket 42.80 -42.80
Groceries 385.52
175 10/05 Dr. Ronald Zinger 72.00 -72.00
Dental Work 313.52
176 10/09 Topps Drug Store 26.43 -26.43
Shampoo and Cosmetics 297.09
177 10/09 National Electric Co 56.92 -56.92
Oct. Elec. Bill 230.17
178 10/12 Saturn Gift Shop 34.67 -34.67
Birthday Present 195.50
179 10/14 Bell Telephone Co. 21.79 -21.79
Oct. Phone Bill 173.71
10/16 Deposit 620.14 +620.14
Paycheck 793.85
180 10/28 Steve Foster 425.00 -425.00
November Rent 368.85
Bank Statement
Account Name: Charlie Parker
Balance on October 1, 200x: 428.32
Deposits: 0.00
Deductions
Withdrawals 0.00
Checks Paid 147.99
Service Fees 2.25
Balance on October 31, 200x: 278.18
Deposits
Date Description Amount
TOTAL 0.00
Withdrawals
Date Description Amount
TOTAL 0.00
Checks Paid
Number Date Amount
174 10/01 42.80
176 10/09 26.43
177 10/09 56.92
179 10/14 21.79
TOTAL 147.99
Service Fees and charges
Monthly Service Charge 2.25
On Your Own – Balancing a check book (2 points per entry)
Checkbook Register Debits(-s) Credits (+s) Balance
No. Date Transaction Checks and
Fees Deposits & Interest $679.34
2/1/0x Deposit 525.34 +525.34
Paycheck 1204.68
202 2/2/0x Mentor Auto 50.00 -50.00
Car repairs 1154.68
203 2/5/0x Tidy Dry Cleaners 21.57 -21.57
Dry cleaning 1133.11
ATM 2/9/0x Cash 62.00 -62.00
ATM Withdrawal 1071.11
Debit 2/15/0x Giant Eagle 76.21 -76.21
Groceries 994.90
2/21/0x Deposit 100.00 +100.00
B-day gift 1094.90
Bank Statement
Account Name: ________________ ( 1 point)
Balance on February 1, 200x: 679.34
Deposits: 525.34
Deductions
Withdrawals 198.21
Checks Paid 50.00
Service Fees 17.50
Balance on February 28, 200x: 938.97
Deposits
Date Description Amount
2/1 Direct Deposit 525.34
TOTAL 525.34
Withdrawals
Date Description Amount
2/9/0x ATM 62.00
2/15/0x Giant Eagle 76.21
2/21/0x ATM 60.00
TOTAL 198.21
Checks Paid
Number Date Amount
202 2/2/0x 50.00
TOTAL 50.00
Service Fees and charges
Monthly Service Charge 17.50
