Complete the checkbook register using the following transactions
August 1 – Opened the checking account with $100.00
August 2 – Purchased groceries from Grocer’s Haven for $43.82 plus 4% tax. (Check 101)
August 2 – Paid $8.00 for parking using your debit card.
August 4 – Deposited paycheck from work. ($9.75/ hr for 40 hours)
August 6 – Paid HydroPower $35.11. (Check 102)
August 6 – Bought 3 pairs of pants at $29.99 each with a 10% coupon and 5% sales tax from
Bargains-R-Us. (Check 103)
August 7 – Bought a bike for $180.00, helmet for $14.95, and gloves for $8.95 from Wheels-2-
Go. Used a 15% off coupon and there was 4% sales tax. (Check 104)
August 11 – Deposited paycheck from work less $100.00 ($9.75/hr for 40 hours)
August 11 – Opened a savings account with $100.00 transferred from the checking account.
(Note: This is an additional $100.00, not the $100.00 you just took out of your paycheck)
August 12 – Ate lunch at Hamburger Mayvn for $5.65 plus 5% tax. Used your debit card to pay
for it.
Be sure to include in your response:
• The steps you followed to complete your computations.
• The balance as of August 12
• The process for entering the transaction in the registry.
To complete the checkbook register using the given transactions, follow these steps:
1. Write down the starting balance of $100.00 in the checkbook register.
2. On August 2, subtract the amount spent on groceries ($43.82) plus the 4% tax from the balance and write it down in the "Payment/Debit" column. Also, write down the check number as 101.
3. On August 2, subtract the parking fee of $8.00 from the balance and write it down in the "Payment/Debit" column.
4. On August 4, add the deposited paycheck amount ($9.75/hour for 40 hours) to the balance and write it down in the "Deposit/Credit" column.
5. On August 6, subtract the payment made to HydroPower ($35.11) from the balance and write it down in the "Payment/Debit" column. Also, write down the check number as 102.
6. On August 6, subtract the total amount spent on pants ($29.99 each) with a 10% coupon and 5% sales tax from the balance and write it down in the "Payment/Debit" column. Also, write down the check number as 103.
7. On August 7, subtract the total amount spent on the bike ($180.00), helmet ($14.95), and gloves ($8.95) with a 15% coupon and 4% sales tax from the balance and write it down in the "Payment/Debit" column. Also, write down the check number as 104.
8. On August 11, add the deposited paycheck amount ($9.75/hour for 40 hours) minus $100.00 (transfer to savings) to the balance and write it down in the "Deposit/Credit" column.
9. On August 11, subtract the $100.00 transferred from the checking account to the savings account and write it down in the "Transfer/Debit" column. Also, write down the transaction as "Transfer to Savings".
10. On August 12, subtract the amount spent on lunch at Hamburger Mayvn ($5.65) plus the 5% tax from the balance and write it down in the "Payment/Debit" column.
The balance as of August 12 will be the remaining balance in the checkbook register.
To enter the transactions in the registry, fill out the following columns for each transaction:
Date - Transaction description - Check/Reference number - Payment/Debit - Deposit/Credit - Transfer/Debit - Balance
Make sure to update the balance column after each transaction.
To complete the checkbook register, we need to follow the transactions provided and update the balance after each transaction. Here are the steps to complete the computations, calculate the balance, and enter the transactions in the registry:
1. Start with the opening balance:
August 1 - Opening balance: $100.00
2. Transaction on August 2:
- Purchased groceries from Grocer’s Haven for $43.82 plus 4% tax. (Check 101)
Calculation: $43.82 + (4% of $43.82) = $43.82 + $1.75 = $45.57
Registry entry: Check 101, Grocer's Haven, Debit (-) $45.57
Updated balance: $100.00 - $45.57 = $54.43
3. Transaction on August 2:
- Paid $8.00 for parking using your debit card.
Registry entry: Debit (-) $8.00
Updated balance: $54.43 - $8.00 = $46.43
4. Transaction on August 4:
- Deposited paycheck from work. ($9.75/hr for 40 hours)
Calculation: $9.75 * 40 = $390.00
Registry entry: Credit (+) $390.00
Updated balance: $46.43 + $390.00 = $436.43
5. Transaction on August 6:
- Paid HydroPower $35.11 (Check 102)
Registry entry: Check 102, HydroPower, Debit (-) $35.11
Updated balance: $436.43 - $35.11 = $401.32
6. Transaction on August 6:
- Bought 3 pairs of pants at $29.99 each with a 10% coupon and 5% sales tax from Bargains-R-Us (Check 103)
Calculation: ($29.99 * 3) - (10% of ($29.99 * 3)) + (5% of (($29.99 * 3) - (10% of ($29.99 * 3))))
= ($89.97) - (10% of $89.97) + (5% of ($89.97 - (10% of $89.97)))
= $89.97 - $8.99 + $4.50
= $85.48
Registry entry: Check 103, Bargains-R-Us, Debit (-) $85.48
Updated balance: $401.32 - $85.48 = $315.84
7. Transaction on August 7:
- Bought a bike for $180.00, helmet for $14.95, and gloves for $8.95 from Wheels-2-Go. Used a 15% off coupon and there was 4% sales tax (Check 104).
Calculation: (($180.00 + $14.95 + $8.95) - 15% off coupon) + 4% tax
= (($203.90) - 15% of $203.90) + (4% of ($203.90))
= ($203.90 - $30.59) + $8.16
= $181.31
Registry entry: Check 104, Wheels-2-Go, Debit (-) $181.31
Updated balance: $315.84 - $181.31 = $134.53
8. Transaction on August 11:
- Deposited paycheck from work less $100.00 ($9.75/hr for 40 hours)
Calculation: $9.75 * 40 - $100.00 = $370.00 - $100.00 = $270.00
Registry entry: Credit (+) $270.00
Updated balance: $134.53 + $270.00 = $404.53
9. Transaction on August 11:
- Opened a savings account with $100.00 transferred from the checking account.
Registry entry: Transfer (-) $100.00
Updated balance: $404.53 - $100.00 = $304.53
10. Transaction on August 12:
- Ate lunch at Hamburger Mayvn for $5.65 plus 5% tax. Used your debit card to pay for it.
Calculation: $5.65 + (5% of $5.65) = $5.65 + $0.28 = $5.93
Registry entry: Debit (-) $5.93
Updated balance: $304.53 - $5.93 = $298.60
Balance as of August 12: $298.60
To enter the transactions in the registry, you would include the date, description (e.g., Grocer's Haven, HydroPower), check number (if applicable), and the amount as a debit (-) or credit (+) accordingly:
August 1: Opening Balance $100.00
August 2: Grocer's Haven -$45.57 (Check 101)
August 2: Parking -$8.00
August 4: Deposit +$390.00
August 6: HydroPower -$35.11 (Check 102)
August 6: Bargains-R-Us -$85.48 (Check 103)
August 7: Wheels-2-Go -$181.31 (Check 104)
August 11: Deposit +$270.00
August 11: Transfer to Savings -$100.00
August 12: Hamburger Mayvn -$5.93
Balance as of August 12: $298.60