Financial Planning: Balancing a Checkbook
Financial Planning:
Checking Account Simulation • Pretend you opened a checking account on October 1 st and put $100 in your account. • On October 4 th, you deposited $50 more. • You wrote a check to your brother/sister for his/her birthday for $125 on October 5 th. He she put the check in his/her desk and forgot about it. • You use your ATM card at Wal-Mart to buy a DVD on October 7 th. The amount was $25. • On October 20 th you check your account balance at the ATM. It shows you have $125 in your account.
Checking Account Simulation Balance: $125. 00
Checking Account Simulation • On October 22 nd you use your ATM card to buy the following things: Starbucks Coffee Shoes at Kohls Lunch at The Olive Garden $15. 00 Movie Tickets at Cinema Star Video Game at Best Buy $5. 00 $25. 00 Total Spent on October 22 nd: $115. 00 $20. 00 $50. 00
Checking Account Simulation • On October 21 st, your brother/sister finds the check you wrote and cashes it. What happens next? Starbucks Coffee Shoes at Khols Lunch at The Olive Garden $15. 00 Movie Tickets at Cinema Star Video Game at Best Buy $5. 00 $20. 00 $50. 00 $35. OO Overdraft Fee $175. 00 in Fees! $115. 00 $175. 00 in fees + $115. 00 in purchases $290. 00 you owe the bank! Total Spent on October 22 nd:
Checking Account Simulation • What is the lesson? • Don’t just depend on what the ATM says you have in your account. • You have to keep track of the money you deposit and withdraw from your checking account.
Check Register 1234 10/1 10/4 10/5 10/7 10/21 10/21 Deposit John Doe – Birthday Gift Walmart - ATM Starbucks - ATM Kohls - ATM Olive Garden - ATM Cinema Star - ATM Best Buy - ATM Overdraft Fee 100 00 50 00 125 00 25 00 15 00 20 00 50 00 35 00 100 00 150 00 25 00 0 -5 00 -30 00 -45 00 -65 00 -115 00 -150 00 -180 00
Parts of a Check
Writing Checks October 5, 2010 John Doe 125. 00 One hundred twenty-five & 00/100 ------- Jane Doe Birthday Gift 1234
Writing Checks
Writing Checks The Wrong Way October 5, 2010 John Doe 925. 00 Nine hundred twenty-five & 00/100 ----- Birthday Gift Jane Doe
Endorsing a Check ENDORSE HERE: John Doe 8769871 _______________ X ______________________________ Do not sign/write/ stamp below this line _______________
Checks
Check Register
Bank Statement
Practice Entering Transactions • Beginning Balance $250. 65 • Check #1234 to Southern California Edison (SCE) for $80. 33 on 9/1/10 • Payroll (Direct Deposit) of $295. 00 on 9/2/10 • ATM Withdrawal of $100 on 9/4/10 • Check #1235 to Macy’s for $29. 94 on 9/6/10 • Walmart debit card purchase of $15. 22 on 9/9/10 • Check #1236 to Farmer’s Insurance for $22. 05 on 9/11/10 • Void Check #1236 to Farmer’s Insurance (add $22. 05 back in) • Check #1237 to Farmer’s Insurance for $22. 50 on 9/11/10 • Payroll (Direct Deposit) of $254. 33 on 9/14/10 • Check #1238 to Nuevo Water Company for $52. 87 on 9/19/10 • Check #1239 to The Gas Company for $32. 44 on 9/20/10 • Birthday gift deposit for $100. 00 on 9/22/10 • Target Debit Card for $36. 76 on 9/25/10 • Walmart Debit Card for $15. 33 on 9/29/10 • Ending balance should be $514. 59
Check Register 1234 1235 1236 1237 1238 1239 9/1 9/2 9/4 9/6 9/9 9/11 9/14 9/19 9/20 9/22 9/25 9/29 Southern California Edison Deposit – Payroll ATM Macy’s – Lingerie Walmart – Debit Farmer’s Insurance VOID Farmer’s Insurance Deposit – Payroll Nuevo Water Company The Gas Company Birthday Gift – Deposit Target – Debit Walmart – Debit 80 33 295 00 100 00 29 94 15 22 22 05 22 50 254 33 52 87 32 44 36 76 15 33 100 00 250 65 170 32 465 32 335 38 320 16 298 11 320 16 297 66 551 99 499 12 466 68 529 92 514 59
Reconciling Your Bank Account √ √ √ 9/8 Withdrawal – ATM 100 00 414 59
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