1
PLEASE DO NOW………….
1. $6.82 + $18.00 + $14.79 + $212.50 =
2. $41.92 + $171.80 - $75.00 =
Find the total deposit:
Currency: 7 one-dollar bills, 3 five-dollar bills, and 6 tendollar bills.
Coins: 22 dimes, 41 quarters, and 5 half-dollars.
Checks: $17.89 and $31.16
2
ANSWERS………….
1. $6.82 + $18.00 + $14.79 + $212.50 = $252.11
2. $41.92 + $171.80 - $75.00 = $138.72
Find the total deposit:
Currency: 7 one-dollar bills, 3 five-dollar bills, and 6 tendollar bills.
Coins: 22 dimes, 41 quarters, and 5 half-dollars.
Checks: $17.89 and $31.16
$146.00
3
CHAPTER 3 GOALS
•
•
•
•
•
How do we make a Deposit?
How do we write a Check?
How do we manage a Check Register?
How do we analyze a Bank Statement?
How do we reconcile a Bank Statement?
4
Achievement Standard: Use mathematical
procedures to analyze and solve business
problems for such areas as taxation; savings and
investment; payroll records; cash management;
financial statements; credit management;
purchases; sales; inventory records;
depreciation, cost recovery, and depletion.
5
DEFINITIONS to KNOW
•
Deposit
•
Checks
•
Canceled Checks
•
Check Register
•
Balance
•
Statement
•
Service Charge
•
Outstanding Checks
•
Reconcile
6
3-1 HOW DO WE MAKE A DEPOSIT?
1.A
deposit is an amount of money that
you put into a bank account.
2.You use a deposit slip to record the
amounts of currency, coins, and checks
you deposit.
3.To open a checking account, you must
make a deposit.
7
LET’s PRACTICE
Margaret has a check for $235.42 and a check for $55.47. She
would like to receive $40 in cash and deposit the rest of the
money in her checking account. What is Margaret’s total
deposit?
DOLLARS CENTS
CURRENCY
CASH
(YOUR NAME)
COINS
CHECKS
DATE: MARCH ______, 20
C
99/333
SUBTOTAL
LESS CASH
RECEIVED
OMMERCE BANK
TOTAL
DEPOSIT
174-66-890
(ACCOUNT NUMBER)
8
QUESTIONS???
COMPLETE P.126-127 #1-16 in your textbook.
HW WB P.29
9
PLEASE DO NOW………….
Write in words:
1. $12.32
2. $105.08
3. $24.75
4. $550.63
10
ANSWERS………….
Write in words:
1. $12.32
Twelve and 32/100
2. $105.08
One hundred five and 08/100
3. $24.75
Twenty-four and 75/100
4. $550.63
Five hundred fifty and 63/100
11
3-2 HOW DO WE WRITE A CHECK?
1.After
you have opened a checking
account and made a deposit, you can
write checks.
2.A check directs a bank to deduct
money from your checking account to
make a payment.
3.Your account must contain as much
money as the amount of the check you
are writing so that you do not
overdraw your account.
12
3-2 PARTS OF A CHECK
Account
holder
Date line
Bank #
Check #
Write
the
payee’s
name
Bank
Routing # Amount Account #
in words
Signature
Line
13
LET’s PRACTICE
Margaret Miller is buying a gift at Hud’s Department Store. The cost of
the gift is $45.78. Margaret is paying by check. How should Margaret
write the check?
Solution:
A. Write the date.
B. Write the name of the person or organization to whom payment will be made.
C. Write the amount of the check as a numeral.
D. Write the amount of the check in words with cents written as a fraction of a dollar.
E. Make a notation on the check to indicate its purpose.
F. Sign the check.
14
QUESTIONS???
COMPLETE P.128-129 #1-20 in your textbook.
HW WB P.30
15
PLEASE DO NOW………….
Find the new balance for each:
1. Balance: $96.25 Deposit: $71.93
2. Balance: $271.80 Write Check: $86.95
3. Balance: $423.67 Write Check: $45.24 Deposit:
$68.09 Write Check: $13.54 Deposit: $11.90
16
ANSWERS………….
Find the new balance for each:
1. Balance: $96.25 Deposit: $71.93
$168.18
2. Balance: $271.80 Write Check: $86.95 $184.85
3. Balance: $423.67 Write Check: $45.24 Deposit:
$68.09 Write Check: $13.54 Deposit: $11.90
$444.88
17
3-3 HOW DO WE MANAGE A CHECK REGISTER?
1.You
use a check register to keep a record of
your direct deposits, regular deposits, electronic
transfers, and the checks you have written.
2.The balance is the amount of money in your
account.
3.When you make a deposit, add the amount of
the deposit to the balance. When you write a
check, subtract the amount of the check from
the balance.
New Balance= Previous Balance – Check Amount
New Balance= Previous Balance + Deposit Amount
18
LET’s PRACTICE
Margaret Miller’s checking account had a balance of
$313.54. She wrote a check for $45.78 on March
23rd. On March 25th, she made a deposit of $240.32.
What is the new balance in Margaret’s account?
Checkbook Register-Business Math
CHECK
NUMBER
DATE
CHECK ISSUED TO
AMOUNT
OF CHECK
AMOUNT
OF
DEPOSIT
BALANCE
19
QUESTIONS???
COMPLETE P.130-131 #1-15 in your textbook.
20
PLEASE DO NOW………….
Find the present balance:
1. Previous Balance: $93.51 Deposit: $50.00
Written Check: $46.75 Service Charge: $1.23
2. Previous Balance: $216.91 Written Checks: $116.91 &
$23.56 Deposit: $267.21 Service Charge: $3.55
21
ANSWERS………….
Find the present balance:
1. Previous Balance: $93.51 Deposit: $50.00
Written Check: $46.75 Service Charge: $1.23
$95.53
2. Previous Balance: $216.91 Written Checks: $116.91 &
$23.56 Deposit: $267.21 Service Charge: $3.55
$340.10
22
3-4 HOW DO WE ANALYZE A BANK STATEMENT?
1.When
you have a checking account, you
receive a statement and cancelled checks
from the bank each month.
2.Your statement lists all your checks that
the bank has paid and your deposits that
the bank has recorded since your last
statement.
3.The statement may include a service
charge for handling the account or any
interest credited to the account.
23
LET’s PRACTICE
Margaret Miller received her bank statement and
cancelled checks for March. She checks the
statement. What is her present balance?
24
QUESTIONS???
COMPLETE P.133-135 #1-13 in your textbook.
25
PLEASE DO NOW………….
1. $241.50 - $121.60 + $175.42 =
2. $34.80 - $19.32 + $172.90 + $45.81 =
3. $20.00 + $25.60 - $25.26 + $3.20 =
4. $78.45 + $67.31 - $13.29 - $56.32 + $181.32 =
5. $1,398.65 - $234.11 + $56.85 - $11.00 - $93.68 =
26
ANSWERS………….
1. $241.50 - $121.60 + $175.42 =
$295.32
2. $34.80 - $19.32 + $172.90 + $45.81 =
$234.19
3. $20.00 + $25.60 - $25.26 + $3.20 =
$23.54
4. $78.45 + $67.31 - $13.29 - $56.32 + $181.32 = $257.47
5. $1,398.65 - $234.11 + $56.85 - $11.00 - $93.68 =
$1,116.71
27
3-5 HOW DO WE RECONCILE A BANK STATEMENT?
1.You
reconcile a bank statement to make
sure that it agrees with your check
register.
2.You may find some outstanding checks
and deposits that appear in your register
but did not reach the bank in time to be
processed and listed on your statement.
Adjusted Balance= Statement Balance –
Outstanding Checks + Outstanding
Deposits
28
LET’s PRACTICE
RECONCILIATION STATEMENT
CHECK REGISTER
BALANCE
$ _______
INTEREST
+ _______
STATEMENT
BALANCE
OUTSTANDING
CHECKS
$ ________
-- ________
___________________
SERVICE CHARGE
-- _______
___________________
$________
___________________
________
NEW
BALANCE
OUTSTANDING DEPOSITS
__________________
+ ________
__________________
ADJUSTED BALANCE
$ _________
29
QUESTIONS???
COMPLETE P.137-138 #1-8 in your textbook.
HW WB P.33
30