Question

Malcolm has several receipts from recent transactions that he entered in his records. The receipts include an ATM receipt for an $80.00 deposit, a grocery store receipt for $25.50, and a paycheck deposit slip for $650.00. When he finishes entering his transactions, Malcolm realizes that his balance is incorrect. Assuming that Malcolm had no beginning balance, what should his correct balance be?a. $624.50
b. $704.50
c. $755.50
d. $784.50

Answer 1

Answer:

The answer is: B) $704.50

Explanation:

The ATM deposit and the paycheck deposit increase the account balance, while the grocery store receipt decreases the account balance.

Malcolm's initial account balance was                      $0

The ATM deposit adds                                             $80

The grocery store receipt deducts                  ($25.50)

The paycheck deposit adds                                  $650

Account balance                                               $704.50