Question

Review Financial Literacy Activity 4 from page 28 of the study guide. Phil has not filled out all the information in his check registry for the Calculate the balance in the check registry and use that information to answer the questions 28. first half of July. below Balance NumberDate Description PaymentDeposit 1-July Paycheck S1,200.00 S1,200.00 Deposit S200.00 2-July Deposit 6-July Gas $20.00 $1,350.00 Debit6-July Coffee S10.00 $1,340.00 shop 507 10-July Youton $67.22 $1,272.78 Gas and Electric ATM | 12-July | ATM IS 120.00 Withdraw al 510 14-July Car S221.25 Payment EFT 17-July Cable & S110.00 Internet Service A. What should be the total amount of deposits in Phil's check register? B. What is the balance in Phil's account as of July 17th ? what could happen if Phil does not know how much is in his bank account at the end of July? C.

Answer 1

Requirement-(A) & (B $1,200.00 $200.00 $1,400.00 Physical deposit dated July 1 Add: Deposit dated July 2 A) Total amount of deposit in Phil's check register Less Payment for Gas dated July6 Payment for Coffee shop dated July 6 Payment for Gas & Electric dated July 10 ATM withdrawal dated July 12 Payment for Car dated July 14 EFT for Cable & Internet dated July 17 $20.00 $10.00 $67.22 $120.00 $221.25 $110.00 Total Payments B) Balance in Phil's account as of July 17th $548.47 $851.53 [$1,400.00 - $548.47] Requirement-(Cl: If Phil does not know how much is there in his bank account, he may make default of check payments by writing checks for amount higher than actual balance available in account. For financial accounting reporting purpose, his financial statements may not reflect adjusted cash balance as required by GAAP