Guest User 
Glossary
Tracking Andrew Anakoa's Spending

Andrew Anakoa recently opened a bank account, but he has not been entering information into a bank account register or online. He has kept receipts, but he doesn't know his current balance. Your task is to enter the transactions into the bank account register in order to determine Andrew's balance.

Directions: For each of the transactions listed below, enter the amount in either the Payment, Fee or Deposit column, then enter Andrew's new balance after each transaction. When you are finished, click the Submit button to check your work.

Andrew Anakoa's Transactions
Check Number Date Transaction Amount
97 06/08/XX Books Galore $16.25
  05/01/XX Paycheck $155.76
  05/02/XX ATM withdrawal $40.00
  05/05/XX Debit-Grocery Gallery $47.30
  05/17/XX Safety First Insurance (online) $95.00
  05/17/XX World Cellular (online) $45.00
96 05/22/XX Hannah Anakoa (b-day) $20.00
  05/31/XX Debit-Picture Posers (Sr. pictures deposit) $69.00
  05/16/XX Paycheck $128.30
  05/31/XX Paycheck $155.76
  06/02/XX Debit-Hamburger Haven $9.97
  06/04/XX ATM withdrawal (fee $1.50) $61.50

(Popup Calculator)

Andrew Anakoa's Bank Account Register
Check
Number
Date Transaction Payment
(Debit)
Fee
(Debit)
Deposit
(Credit)
Balance
  05/01/XX Paycheck $   $ $ $
ATM 05/02/XX Withdrawal $   $ $ $
Debit 05/05/XX Grocery Gallery $   $ $ $
  05/16/XX Paycheck $   $ $ $
Online 05/17/XX Safety First Insurance (car insurance) $   $ $ $
Online 05/17/XX World Cellular $   $ $ $
96 05/22/XX Hannah Anakoa $   $ $ $
  05/31/XX Paycheck $   $ $ $
Debit 05/31/XX Picture Posers (Sr. pictures deposits) $   $ $ $
Debit 06/02/XX Hamburger Haven $   $ $ $
ATM 06/04/XX Withdrawal $   $ $ $
97 06/08/XX Books Galore $   $ $ $
What fees did Andrew pay?
Type Your Response Here
Correct Response:
 
Question: 1—2—3

Although Andrew could write a check or use his debit card for $40 on June 8, he wouldn't have enough money in the account to cover the expense. In this case, the bank would allow the check or debit payment to be paid if Andrew has opted for overdraft protection. Overdraft protection is provided by financial institutions to generally approve and pay overdraft transactions when the account holder does not have enough funds to cover the transaction in return for a fee.  Yes, there is a fee for this, and that fee can be very high-- as much as $35.00 for each overdraft. If Andrew has not chosen overdraft protection, the bank would return the check to the person or business Andrew paid and Andrew would pay an overdraft fee.  For a debit card transaction, his card would be declined at the point of the purchase.

Andrew should think carefully about this. If he writes a check or uses his debit card and overdraws his account, the pair of jeans he buys on sale for $40 will now cost him $75.

Why is it important for people to keep records of deposits to and withdrawals and expenditures from an account?
Type Your Response Here
Correct Response: