Debits, Credits, and Atms

Checks and Balances Checking Accounts--MATH Checking Accounts – 100 total points - You are to keep track of your income and expenses to manage your money. You are to maintain a practice checking account and select ten items to include in your register. You will write checks (10 pts.), complete deposit forms (10 pts.), keep a check register (70 pts.), and you will answer some reflection questions (10 pts.). On completion of the project, you will submit your materials. Debits, Credits, and ATMs 1. Select at least three debits (purchases/withdrawals) from the following list, and write checks for them.

a. The company, organization, or person to whom you are to write the check is in parentheses. The list is arranged by date, and you must choose the items in order (you may type this or print fill-out and scan to submit).

b. You must also record the ATM withdrawal. Any time money is being spent, it is a withdrawal.

2. Every time money is being added to your account, it is a deposit.

a. Note that some deposits are included for which you must fill out deposit slips. You may type your deposit slips.

b. Be sure to maintain a balanced checking account (do not allow your account to go below $0.00)/

c. You have a prior balance in your account of $500.00.

3. Complete the checkbook register below for each deposit (money added to the account) and for each withdrawal/debit (money removed from your account).

a. All items in the register should list the date, the payee (the name of the business/person to which the money is going or if it is a deposit), the amount being added to or withdrawn from the account, and should list the balance (the amount remaining in the account).

b. Withdrawals should be shown as negative amounts.

September 1 Your parents said you can get a cell phone if you buy your own phone. You searched online using one of the following websites to find the best deal. (http://amzn.to/1A02n55; http://vz.to/1iTUDbB) Make sure you withdraw money from your account to pay for the phone selected. Cost $ ______(Amazon or Verizon) September 3 You buy a new camera, $239.95 (Flash Camera Shop) September 5 You mow the grass for three neighbors and earn $60.00. You make a deposit. September 6 You buy a new pair of sneakers, $109.95 (High Five Sports) September 10 You receive $20.00 for helping your neighbor clean out his garage. You make a deposit. September 17 You pay $48.00 to have your bike repaired. (Tom’s Bike Shop) September 21 You buy a new skateboard, $99.99. (The Skate Place) September 28 You decide to put the money you have been hoarding from babysitting your cousin into your checking account. (You get paid $8.00 every hour for a total of 14 hours since your last deposit.) September 30 Create your own: Is it a deposit or an expense? How much?

October 1 You need to pay $20.00 towards your cell phone bill for each of the last two months. How much do you need to pay? (Your Parents/Guardian) October 2 You buy your best friend a birthday gift, $29.89. (Highway Gift Shop) October 8 You pay your mother the $25.00 you borrowed. (Your Mother) October 16 Out of cash, you head for the nearest ATM and withdraw $60.00. (The $2.00 fee for using this ATM is deducted from your account.) October 20 You purchase your favorite group’s new album for $15.95. (Awesome Online Music Tunes) October 28 Your money for the upcoming trip to the mountains is due. You must pay $18.00. Checkbook Determine the balance of your checking account after two Register (70 pts.) months. Checkbook Register

Record the Date of Each Withdrawals (make Transaction sure this are shown as (Deposit/Withdrawal) Name of Check Payee Deposits negative amounts) Balance

Starting Balance $500.00 1 $ $ $ 2 $ $ $ 3 $ $ $ 4 $ $ $ 5 $ $ $ 6 $ $ $ 7 $ $ $ 8 $ $ $ 9 $ $ $ 10 $ $ $ What is the balance of your account at the end of two months? (How much is left?) $ Now that you’ve determined the balance of your checking account based on the items chosen above, please respond to the following questions in COMPLETE SENTENCES with proper grammar. Reflection Questions (2 pts. Each):

Please respond to all questions in complete sentences with proper grammar.

1. Review your expenses for the month. Which expenses are necessities? Which expenses are luxuries? How could you save more money?

2. Do you have more or less money than you started with? Why?

3. What would the difference of 73 – 451.06 = -378.06 mean in terms of your bank account?

4. In real-life, what kinds of expenses do you have on a regular basis? (If you don’t have any, ask your parent/guardian for ideas.) List the biggest three expenses and how often they need to be paid. 5. Why is it important to keep track of your own expenses and deposits?

OPTIONAL: Give me some feedback. What did you think about this assignment? Your opinion does not affect your grade for this assignment.

Practice Check #1

Practice Check #2

Practice Check #3

Deposit Form (Enter all deposits on one deposit form.) DOLLARS CENTS CURRENCY (cash) COIN CHECKS List each Separately. 1 2 3 4 5 6 7 8 9 10 Total