March 1- $550 rent (check)
March 2- $286 tuition (check)
March 3- $200 paycheck
March 4- 275 bookstore check
March 5- $60 withdrawn from ATM
March 6- $40 food (debit)
March 7- $45 date desert
March 8- N/A
March 9- $40 gas
March 10 - $200 paycheck
March 11 - N/A
March 12- $35 food
March 13- $60 withdrawn from ATM
March 14 $30 movie date
March 15 $50 cell phone
March 16 $67 clothes
March 17 $175 paycheck
March 18 $24 gas
March 19 $35 food
March 20 $300 payment
March 21 N/A
March 22 N/A
March 23 N/A
March 24 $175 Paycheck
March 25 N/A
March 26 $5 Redbox
March 27 N/A
March 28 N/A
March 29 N/A
March 30 $12 Fred Meyer
March 31 $175 Paycheck
Make a chart to show his checking account for the month. Use the following headings and add rows if necessary. Then describe his financial situation at the end of the month. Can he pay his rent ($550) for April?
Please help solve
What don't you understand about this assignment?
I don't understand how to get started
Add and subtract the checkbook entries You need to know his beginning balance.
Example:
Beginning balance:
-550
-286
+200
-275
etc.
Here is a chart to show the checking account for the month of March:
Date | Transaction | Income (+) / Expense (-) | Balance
--------------------------------------------------------------------------------------
March 1 | Rent | -$550 | -$550
March 2 | Tuition | -$286 | -$836
March 3 | Paycheck | +$200 | -$636
March 4 | Bookstore | -$275 | -$911
March 5 | ATM | -$60 | -$971
March 6 | Food | -$40 | -$1011
March 7 | Date dessert| -$45 | -$1056
March 8 | | | -$1056
March 9 | Gas | -$40 | -$1096
March 10 | Paycheck | +$200 | -$896
March 11 | | | -$896
March 12 | Food | -$35 | -$931
March 13 | ATM | -$60 | -$991
March 14 | Movie date | -$30 | -$1021
March 15 | Cell phone | -$50 | -$1071
March 16 | Clothes | -$67 | -$1138
March 17 | Paycheck | +$175 | -$963
March 18 | Gas | -$24 | -$987
March 19 | Food | -$35 | -$1022
March 20 | Payment | -$300 | -$1322
March 21 | | | -$1322
March 22 | | | -$1322
March 23 | | | -$1322
March 24 | Paycheck | +$175 | -$1147
March 25 | | | -$1147
March 26 | Redbox | -$5 | -$1152
March 27 | | | -$1152
March 28 | | | -$1152
March 29 | | | -$1152
March 30 | Fred Meyer | -$12 | -$1164
March 31 | Paycheck | +$175 | -$989
At the end of the month, the balance in the checking account is -$989. Since the rent for April is $550, and the current balance is negative, it means that he does not have enough money to pay the rent for April. He would need to find a solution to cover the rent payment, such as reducing expenses, finding additional income, or borrowing money.