Upload
jason-ryan
View
217
Download
0
Embed Size (px)
DESCRIPTION
Checking Account Simulation Balance: $125.00
Citation preview
Checking Account SimulationChecking Account Simulation
• Pretend you opened a checking account on October 1st and put $100 in your account.• On October 4th, you deposited $50 more.• You wrote a check to your brother/sister for his/her birthday for $125 on October 5th. He she put the check in his/her desk and forgot about it.• You use your ATM card at Wal-Mart to buy a DVD on October 7th. The amount was $25.• On October 20th you check your account balance at the ATM. It shows you have $125 in your account.
Checking Account SimulationChecking Account Simulation
•On October 22nd you use your ATM card to buy the following things:
Starbucks Coffee $5.00Shoes at Khols $25.00Lunch at The Olive Garden $15.00Movie Tickets at Cinema Star $20.00Video Game at Best Buy $50.00
Total Spent on October 22nd: $115.00
Checking Account SimulationChecking Account Simulation
• On October 21st, your brother/sister finds the check you wrote and cashes it. What happens next?
Starbucks Coffee $5.00Shoes at Khols $25.00Lunch at The Olive Garden $15.00Movie Tickets at Cinema Star $20.00Video Game at Best Buy $50.00
Total Spent on October 22nd: $115.00
$35.OO Overdraft Fee$35.OO Overdraft Fee$35.OO Overdraft Fee$35.OO Overdraft Fee$35.OO Overdraft Fee
$175.00 in Fees!
$175.00 in fees + $115.00 in purchases $290.00 you owe the bank!
Checking Account SimulationChecking Account Simulation
• What is the lesson?• Don’t just depend on what the ATM says you have in your account. •You have to keep track of the money you deposit and withdraw from your checking account.
Check RegisterCheck Register
10/1 Deposit 100 00 100 00 10/4 Deposit 50 00 150 00 1234 10/5 John Doe – Birthday Gift 125 00 25 00 10/7 Walmart - ATM 25 00 0 10/21 Starbucks - ATM 5 00 -5 00 10/21 Khols - ATM 25 00 -30 00 10/21 Olive Garden - ATM 15 00 -45 00 10/21 Cinema Star - ATM 20 00 -65 00 10/21 Best Buy - ATM 50 00 -115 00 10/21 Overdraft Fee 35 00 -150 00 10/21 Overdraft Fee 35 00 -180 00
Writing ChecksWriting Checks
October 5, 2010John Doe 125.00
One hundred twenty-five dollars & 00/100
Birthday Gift Jane Doe
Writing Checks The Wrong Writing Checks The Wrong WayWay
October 5, 2010John Doe 25.00
twenty-five dollars & 00/100
Birthday Gift Jane Doe
Nine hundred9
Endorsing a CheckEndorsing a Check
ENDORSE HERE:
X _____________________________
______________________________
______________________________
Do not sign/write/ stamp below this line______________________________
John Q. Student8769871
Practice Entering Practice Entering TransactionsTransactions•Beginning Balance $250.65•Check #1234 to Southern California Edison (SCE) for $80.33 on 9/1/10•Payroll (Direct Deposit) of $295.00 on 9/2/10•ATM Withdrawal of $100 on 9/4/10•Check #1235 to Macy’s for $29.94 on 9/6/10•Walmart debit card purchase of $15.22 on 9/9/10•Check #1236 to Farmer’s Insurance for $22.05 on 9/11/10• Void Check #1236 to Farmer’s Insurance (add $22.05 back in)•Check #1237 to Farmer’s Insurance for $22.50 on 9/11/10•Payroll (Direct Deposit) of $254.33 on 9/14/10•Check #1238 to Nuevo Water Company for $52.87 on 9/19/10•Check #1239 to The Gas Company for $32.44 on 9/20/10•Birthday gift deposit for $100.00 on 9/22/10•Target Debit Card for $36.76 on 9/25/10•Walmart Debit Card for $15.33 on 9/29/10•Ending balance should be $514.59
Check RegisterCheck Register
1234 9/1 Southern California Edison 80 33 170 32 9/2 Deposit – Payroll 295 00 465 32 9/4 ATM 100 00 365 32 1235 9/6 Macy’s – Lingerie 29 94 335 38 9/9 Walmart – Debit 15 22 320 16 1236 9/11 Farmer’s Insurance VOID 22 05 298 11 9/11 Farmer’s Insurance 22 05 320 161237 9/11 Farmer’s Insurance 22 50 297 66 9/14 Deposit – Payroll 254 33 551 991238 9/19 Nuevo Water Company 52 87 499 121239 9/20 The Gas Company 32 44 466 68
250 65
9/22 Birthday Gift – Deposit 100 00 566 68 9/25 Target – Debit 36 76 529 92 9/29 Walmart – Debit 15 33 514 59