151For more program resources, visit hsfpp.nefe.org.

Assignment 5-2: Use a Checking AccountTransaction 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.

YOUCANDO IT!

Note the following routine transactions:

• When the account was opened,

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

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.

Monday

6Opened check-ing account withcash, $1,000

13

20(The balanceshould be$352.95.)

27

Tuesday

7

14

21Paid Tom’sTowing to towstalled car, $25

28

Wednesday

8Used debit cardat Mikki’sGrocery, $75.12

15

22Electronicallytransferred $2,000from savings intochecking

29Paid credit cardbill, Standard Oil,$135.51

Thursday

9

16Used debit card to withdraw $200 cash

23

30

Friday

10

17

24Wrote check fordown payment on aused car, Smithy’sAuto, $1,500

Saturday

11

18Wrote check topurchase com-puter, Computers& More, $756.90

25Used debit cardat Mikki’sGrocery, $63.58

November

Monday

4

11

18

25

Tuesday

5

12

19Renewed Moneymagazine sub-scription, $36

26

Wednesday

6Deposited rebatereceived forcomputer purchase, $50

13

20

27

Thursday

7

14Used debit card to withdraw $200 cash

21Paid car loanpayment,Rochester CreditUnion, $289.06

28Paid credit cardbill, Standard Oil,$126.77

Friday

8

15

22Paid RochesterCredit Unioncredit card bill,$131.70

29

Saturday

9

16(The balanceshould be$2,133.45.)

23Used debit cardat Mikki’sGrocery, $88.16

30

December

UNIT FIVE: Instructor’s Manual152

DEPOSIT CHECKINGSAVINGS

Today’s Date

Customer Name

Customer Address, City, State, Zip

Sign Here (If cash is received from this deposit)

X

CASH

CHECK

TOTAL FROM OTHER SIDE

SUBTOTAL

LESS CASH

TOTAL $ACCOUNT NUMBER

DEPOSIT CHECKINGSAVINGS

Today’s Date

Customer Name

Customer Address, City, State, Zip

Sign Here (If cash is received from this deposit)

X

CASH

CHECK

TOTAL FROM OTHER SIDE

SUBTOTAL

LESS CASH

TOTAL $ACCOUNT NUMBER

Assignment 5-2: Use a Checking AccountForms: Deposit Slips

153For more program resources, visit hsfpp.nefe.org.

Ronald Ziesmer321 Water StreetRochester, MN 55901

Rochester Credit Union8642 Main StreetRochester, MN 55901

Ronald Ziesmer321 Water StreetRochester, MN 55901

Rochester Credit Union8642 Main StreetRochester, MN 55901

Ronald Ziesmer321 Water StreetRochester, MN 55901

Rochester Credit Union8642 Main StreetRochester, MN 55901

Assignment 5-2: Use a Checking AccountForms: Blank Checks

NAME:__________________________ NAME:_________________________ NAME:__________________________

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

Check Reconcilliation Check RegisterNote: 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

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  number.    There  should  be  a  total  of  eight  checks.  They  should  be  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.