Balancing a Checkbook

Balancing a Checkbook

Read each question carefully and provide your answers in the space provided. Show all calculations where necessary.

1. List three essential components typically found in a checkbook register and briefly explain the purpose of each.

2. When you deposit money into your account, it is considered a(n)   to your balance.

3. A check that has been written but not yet cleared by the bank is called a(n)   check.

4. The process of comparing your checkbook register to your bank statement to ensure they match is known as  .

5. Which of the following would DECREASE your checkbook balance?

6. An outstanding deposit is a deposit recorded in your checkbook but not yet shown on your bank statement.

7. Sarah's checkbook register shows a balance of $850.25. She wrote a check for her rent of $675.00, made a deposit of $1,200.00, and paid her phone bill online for $75.50. Calculate her new checkbook balance. Show your work.

8. Your bank statement shows a balance of $1,500.00. Your checkbook register shows a balance of $1,320.00. You have an outstanding deposit of $250.00 and an outstanding check for $70.00. Reconcile your checkbook. What is your reconciled balance?