YOU CAN DO IT! Assignment 5-2: Use a Checking Account Transaction Page Directions: Ron Ziesmer is a single 24-year-old who lives in Rochester, Minn. He recently opened a new checking account at the Rochester Credit Union. Use the data provided in the following two calendars and routine transactions to record the two months of transactions in Ron s checkbook register. For the first month only, go through the steps to fill out deposit slips when a deposit is made and write checks when a check payment occurs. Monthly statements are provided so you can reconcile Ron s account each month. November Note the following routine transactions: When the account was opened, Monday 6 Opened checking account with cash, $1,000 Tuesday 7 Wednesday 8 at Mikki s Grocery, $75.12 Thursday 9 Friday 10 Saturday 11 Ron arranged for the following bills to be paid automatically on the 10th of each month: Rent to LK s Rental Properties, $550 Phone, Internet, and cable TV service provided by econnect, Inc., $108.75 On the 15th and 30th of every 13 20 (The balance should be $352.95.) 27 14 21 Paid Tom s Towing to tow stalled car, $25 28 15 22 Electronically transferred $2,000 from savings into checking 29 Paid credit card bill, Standard Oil, $135.51 16 to withdraw $200 cash 23 30 17 24 Wrote check for down payment on a used car, Smithy s Auto, $1,500 18 Wrote check to purchase computer, Computers & More, $756.90 25 at Mikki s Grocery, $63.58 month, Ron s paycheck is automatically deposited to his account, $1,256.67 On the 15th of every month, Ron has arranged to have $200 transferred from his checking account into a savings account. December Monday 4 11 Tuesday 5 12 Wednesday 6 Deposited rebate received for computer purchase, $50 13 Thursday 7 14 to withdraw $200 cash Friday 8 15 Saturday 9 16 (The balance should be $2,133.45.) 18 25 19 Renewed Money magazine subscription, $36 26 20 27 21 Paid car loan payment, Rochester Credit Union, $289.06 28 Paid credit card bill, Standard Oil, $126.77 22 Paid Rochester Credit Union credit card bill, $131.70 29 23 at Mikki s Grocery, $88.16 30 For more program resources, visit hsfpp.nefe.org. 151
Assignment 5-2: Use a Checking Account Forms: Deposit Slips DEPOSIT CHECKING SAVINGS Today s Date CASH Customer Name CHECK Customer Address, City, State, Zip TOTAL FROM OTHER SIDE Sign Here (If cash is received from this deposit) X ACCOUNT NUMBER SUBTOTAL LESS CASH TOTAL $ DEPOSIT CHECKING SAVINGS Today s Date CASH Customer Name CHECK Customer Address, City, State, Zip TOTAL FROM OTHER SIDE Sign Here (If cash is received from this deposit) X ACCOUNT NUMBER SUBTOTAL LESS CASH TOTAL $ 152 UNIT FIVE: Instructor s Manual
Assignment 5-2: Use a Checking Account Forms: Blank Checks Ronald Ziesmer 321 Water Street Rochester Credit Union 8642 Main Street Ronald Ziesmer 321 Water Street Rochester Credit Union 8642 Main Street Ronald Ziesmer 321 Water Street Rochester Credit Union 8642 Main Street For more program resources, visit hsfpp.nefe.org. 153
NAME: NAME: NAME: Check Reconcilliation Check Register Note: It's important that your transactions are entered in order within the spreadsheet. Do not skip lines. Number Date Description of transaction Debit (-) Credit (+) Balance D 11/6 Opening Balance $1,000.00 $1,000.00 ATM 11/8 Mikki's Groceries $75.12 $924.88 EFT 11/10 LK's Rental Properties $550.00 $374.88 EFT 11/10 econnect, Inc. $108.75 $266.13
Instructions for check reconciliation packet Step one: Begin by reading all of the information at the top and on the left- hand side of the first sheet marked assignment 5 2. Take all Financial information listed at the top and on the left- hand side, and transfer it to the calendar. The calendar is missing Sunday. This was simply a space issue. Therefore, any transactions that take place on a Sunday should simply be drawn in on the calendar. Once every transaction has been entered onto the calendar, move on to the second page. Step two: The second page is comprised of the checkbook register. The first four entries have already been made for you. This includes the opening deposit. Beginning with the fifth transaction, enter all transactions onto the checkbook register. Be sure to include the following: Under the heading number or code there should be some type of entry. For example if there was a deposit write DEP, for a withdrawal write WD, etc. For any checks please write the check BBBN BBBB BBB number. There should be a total of eight checks. They should be seven BBBB check numbers 101 through 107. Be sure to enter a date for each entry as well as a description. Make sure that if it is a payment it goes in the payment column, if it is a deposit it goes in the deposit column. Even though the sheet shows the balance column with two numbers in each row. Please write only the balance large enough to fill the entire row. Explanation: in the balance column for each transaction it shows the amount being subtracted, then directly underneath it the new total. Please do not rewrite the amount being subtracted. Only write the new balance large enough to fill the entire cell. On the first sheet, there are two locations where a total is given to you. This is so that you may check your work to see if at this point your total matches. If it does, you're doing fine. However, if it does not match that a mistake has been made somewhere prior to that entry. If you have entered all of the transactions, you will have put a transaction on every line of the check book register. Also remember that checks number 104-108 must be listed on the checkbook register. It is part of your assignment to determine what transactions on the first page would represent these check numbers.
Step three: On the page with the three blank checks, you must fill out checks number 101, 102, 103 as if you were actually writing those checks for the transaction they represent. On the left- hand side of the first page, I have given you the dates on which these checks were written. Tip: remember this is not your checking account that belongs to someone else. Step four: The two deposit slips should be filled out based on the following two deposits. The first deposit slip should represent the first deposit made in the month of November. The second deposit slip should represent the first deposit made in the month of December. Use the current year to represent all entries. Turning in the assignment: When completed the assignment should be turned in in the following manner. The first sheet containing the calendar should be kept by the student. The checkbook register sheet should be on top of the check and deposit slip page. Though sheets should then be stapled together and turned in.