Personal Finance (MindTap Course List)
13th Edition
ISBN: 9781337099752
Author: E. Thomas Garman, Raymond Forgue
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 5, Problem 2BYOPFM
Keep Your Accounts Current. Go online every few days to monitor checking account activity. Use the “Did You Know?” box on page 159 or Worksheet 24: Reconciling My Checking Account from “My Personal Financial Planner” to help reconcile your account monthly.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Use the example attached to help fill out Zoe's checking account register.
Use the information below to log Zoe’s payments and deposits in her checking account register.
Wednesday, 9/26 Zoe received her car insurance bill in the mail today. She writes a check for $115 to pay the bill. Record the amount for check #101 in her check register.
1. When a customer’s deposit is recorded using the Make Deposits window, Quickbooks creates a behind the scenes journal entry that will do what?
A. Credit cash and debit checking
B. Credit checking and debit undeposited funds
C. Debit Checking and credit undeposited funds
D. Debit cash and credit checking
2. How can you move your Quickbooks desktop company file, with all of your data, to a new computer?
A. Create a portable file and restore it to a new system
B. Condense the data file on the old computer to the drive space. Back up the file and then restored the condense data file to the new computer
C. Install Quickbooks on the new computer, back up your computer file on the old computer and restore the file to the new system
D. Export your company file to excel from the old computer, then copy this file over to your new computer.
A person has some money in his/her checking account (say $100) and five transactions each of 10, 20 30, 40 and 50 dollars depositing money in the account, while five transitions each of 20, 30,40, 50 ,60 dollars are crediting out of his/her account. If the person gets 2% per day interest on his/her residual amount how you will synchronize the threads of deposit and withdrawal if all are happening at the same time. What will be the person’s account balance at the end of the day?
Chapter 5 Solutions
Personal Finance (MindTap Course List)
Ch. 5.1 - Prob. 1CCCh. 5.1 - Explain the circumstances when it would be...Ch. 5.1 - Prob. 3CCCh. 5.1 - Summarize your insurance protections when you have...Ch. 5.2 - Explain why opening a checking account and a money...Ch. 5.2 - Prob. 2CCCh. 5.2 - Prob. 3CCCh. 5.2 - Prob. 4CCCh. 5.3 - Prob. 1CCCh. 5.3 - Prob. 2CC
Ch. 5.4 - Prob. 1CCCh. 5.4 - Prob. 2CCCh. 5.4 - Prob. 3CCCh. 5.4 - Prob. 4CCCh. 5.5 - Prob. 1CCCh. 5.5 - Prob. 2CCCh. 5 - Invest Now or Later? Twins Natalie and Kaitlyn are...Ch. 5 - Prob. 2DTMCh. 5 - Reconciling a Checking Account. Andrew Parker, of...Ch. 5 - Saving for College. You want to create a college...Ch. 5 - Prob. 5DTMCh. 5 - Prob. 1FPCCh. 5 - Prob. 2FPCCh. 5 - Prob. 3FPCCh. 5 - Prob. 4FPCCh. 5 - Prob. 5FPCCh. 5 - Prob. 6FPCCh. 5 - Prob. 7FPCCh. 5 - Prob. 8FPCCh. 5 - Keep Your Accounts Current. Go online every few...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Similar questions
- For each of the following, indicate if the statement reflects an input component, output component, or storage component of the accounting information system for a bank. A. Online customer check ordering system. B. Approved loan applications. C. Report of customers with savings accounts over $5,000. D. Desktop hard drive on computer used by bank presidents administrative assistant. E. List of the amount of money withdrawn from all of the banks ATMs on a given day.arrow_forwardSupposed that you have a business, and you are going to prepare checks for thefollowing: (You can create your own check or simply download a blank check) 150,000 payable to Ronald James Abad for the consultation fee. 65, 350.90 for the payment equipment purchased from Abenson ApplianceStorearrow_forward4 Ken is a customer at Orange Grove Bank and frequently banks online. One day he receives an email with his banks logo on the top. The email states: You have been preapproved for a premium credit card, with an introductory rate of zero percent APR. The email then asks Ken to click on a link provided in the email to activate his card. Ken clicks on the link and is directed to a website where he is asked to provide personal financial information and his Social Security number. What law, or rule, applies to this situation?arrow_forward
- Bank ReconciliationLidia has the following information from her books and her August bank statement. She is hoping that you can reconcile her bank account for her. Then prepare a tabular analysis for any adjustments required to reach the adjusted cash balance per books. Be sure to include dates and explanations for any revenues or expenses. Use the provided templates to complete your work. Book Balance $28,600 Bank Balance $32,545 Deposits in transit $3,400 Outstanding checks $5,000, $1,800 and $975 Bank charges $35 Interest earned $55 Health insurance auto-draft $450arrow_forwardComplete the following to record office expenses that Mookie The Beagle™ Concierge incurred and paid by check. Create a Check. Select Create (+) icon > Check Add Vendor Payee: Bichotte Supplies Select Payment Date: 01/13/2022 Select Bank Account: Checking Select Category: Office Supplies & Software (Expenses) Enter Description: Office Supplies Enter Amount: 84.00 What is the Total for the Check? (Answer this question in the table shown below. Round your answer 2 decimal places.) Select Save and close View the Transaction Journal for the Check. From the Navigation Bar, select Expenses From the Expense Transactions List, select the Bichotte Supplies Check just entered From the bottom of the Bichotte Supplies Check, select More > Transaction Journal What are the Account and Amount Debited? (Answer this question in the table shown below. Round your answer 2 decimal places.) What are the Account and Amount Credited? (Answer this question in the table shown…arrow_forwardSuppose that before ATMs and credit cards, a person goes to the bank once at the beginning of each four-day period and withdraws from her savings account all the money she needs for four days. Assume that she spends $100 per day. Calculate the amount of money this person withdraws each time she goes to the bank.arrow_forward
- I need to create a bank reconciliation for Diaz's checking account on May 31, 2021arrow_forwardWhere should you go to set up a new bank feed or link to a bank account in a client's QuickBooks Online company? A. Expenses Center B. Accounting Center C. Sales Center D. Banking Centerarrow_forwardUsing the T-accounts of the First National Bank and theSecond National Bank given in this chapter, describewhat happens when Jane Brown writes a check for $90on her account at the First National Bank to pay herfriend Joe Green, who in turn deposits the check in hisaccount at the Second National Bankarrow_forward
- The accompanying table, Data table Date Deposit (Withdrawal) Date Deposit (Withdrawal) 1/1/20 $8,000 1/1/22 $3,272 1/1/21 $(6,540) 1/1/23 $5,255 (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) , shows a series of transactions in a savings account. The account pays 5% simple interest, and the account owner withdraws interest as soon as it is paid. Calculate the following: a. The account balance at the end of each year. (Assume that the account balance at December 31, 2019, is zero.) b. The interest earned each year. c. The true rate of interest that the investor earns in this account. Question content area bottom Part 1 a. The account balance at the end of 2020 is $8,0008,000. (Round to the nearest dollar.) Part 2 The account balance at the end of 2021 is $1,9531,953. (Round to the nearest dollar.)arrow_forwardTracy has the following transactions written down and plans on entering them into her register. Her starting balance is $178.85. She wrote checks for $37.12, $45.60, and got a check from her friend for $40 she owed her. What is Tracy's current balance in the account?arrow_forwardUse the example attached to help fill out Zoe's checking account register. Use the information below to log Zoe’s payments and deposits in her checking account register. Saturday, 9/29 Zoe and her friends go to the movies on Saturday night. The price of admission is $12, and she also buys popcorn and a soda for $6.50. She uses her debit card twice at the theatre to pay for her entertainment purchases. Date Check no. Provide Description of transaction Payment/debit (-) Credit (+) Balancearrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
- Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage LearningCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengageExcel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
What Is A Checking Account?; Author: The Smart Investor;https://www.youtube.com/watch?v=vGymt1Rauak;License: Standard Youtube License