Keeping Financial Records Answers

Jason keeps a record of his transactions in a notebook. Looking over his records for the past two weeks, Jason finds that his bank statement does not match his notebook, and he actually has less money than he thought he did. These are the relevant entries in Jason’s notebook:TransactionDebit ($)Credit ($)Beginning Balance 578.65Rent275.60---Paycheck---363.20Charitable donation20.00---Keyboard63.29---Refund on purchase---21.19Groceries44.08---Microwave68.74---Ending Balance 491.33However, Jason’s bank statement says that his ending balance is $473.33. Which of the following is a possible explanation for the discrepancy?

Marco is reconstructing his expenses for the past two weeks. Here are the records of his expenses:TransactionCost ($)T-shirt20Gas22Movie13Video game39Jeans34Hat15Books31Marco’s bank statement says that he has an ending balance of $81. What is Marco’s starting balance?

Maya works 16 hours per month at her part-time job earning $6.75 per hour. She earns some additional money house sitting for neighbors and friends. Maya charges $30 per day to house sit if there are no pets. If the house sitting includes pets, then she charges $40 per day. Last month, Maya spent 3 days house sitting with no pets and 5 days house sitting with pets. What is the total amount of earnings Maya had for the month?

Mario spent a total of $87.33 last week, but did not keep a perfect record of where his money went. Fortunately, Mario does have all but one of his receipts. He enters all of the information he has into his expense spreadsheet as shown below. How much did Mario spend on golfing?

What does it mean to be “in the red?”

Which method or methods listed below describe a solid system for keeping financial records? I. Making a mental note of all purchases made during the week. II. Recording money spent in a hand-held notebook. III. Organizing receipts and transactions on a computer.

Look at the following financial ledger: Which items listed on the ledger represent credits?