7. which transaction caused john to overdraw his account?\n a. the online bill payment for $146.67\n b…

7. which transaction caused john to overdraw his account?\n a. the online bill payment for $146.67\n b. check no. 409 for $100\n c. check no. 410 for $710.49\n d. the overdraft fee of $35\n8. what was the result of john overdrawing his checking account?\n a. johns payment was greater than the balance he had available in his account so the bank will deposit $237.81 into johns account so he can pay his bills.\n b. johns payment was greater than the balance he had available in his account so he was charged a $35 fee.\n c. johns payment was greater than the balance he had available in his account so he was charged a $5 monthly maintenance fee.\n d. johns payment was greater than the balance he had available in his account so the bank will transfer $35 from a linked account.\n9. which fees was john charged on his checking account during this statement period?\n a. online transfer fee, overdraft fee, per check fee\n b. per check fee, atm fee, overdraft fee\n c. online transfer fee, atm fee, overdraft fee, maintenance fee\n d. atm fee, overdraft fee, maintenance fee\n10. what is the mathematical formula that you would use to describe the financial activity on a bank statement?\n a. ending balance = previous balance + deposits - withdrawals\n b. ending balance = previous balance - deposits + withdrawals\n c. ending balance = previous balance + deposits + withdrawals\n d. ending balance = previous balance - deposits - withdrawals

7. which transaction caused john to overdraw his account?\n a. the online bill payment for $146.67\n b. check no. 409 for $100\n c. check no. 410 for $710.49\n d. the overdraft fee of $35\n8. what was the result of john overdrawing his checking account?\n a. johns payment was greater than the balance he had available in his account so the bank will deposit $237.81 into johns account so he can pay his bills.\n b. johns payment was greater than the balance he had available in his account so he was charged a $35 fee.\n c. johns payment was greater than the balance he had available in his account so he was charged a $5 monthly maintenance fee.\n d. johns payment was greater than the balance he had available in his account so the bank will transfer $35 from a linked account.\n9. which fees was john charged on his checking account during this statement period?\n a. online transfer fee, overdraft fee, per check fee\n b. per check fee, atm fee, overdraft fee\n c. online transfer fee, atm fee, overdraft fee, maintenance fee\n d. atm fee, overdraft fee, maintenance fee\n10. what is the mathematical formula that you would use to describe the financial activity on a bank statement?\n a. ending balance = previous balance + deposits - withdrawals\n b. ending balance = previous balance - deposits + withdrawals\n c. ending balance = previous balance + deposits + withdrawals\n d. ending balance = previous balance - deposits - withdrawals

Answer

Explanation:

Step1: Analyze overdraft - causing transaction

Overdrawing occurs when a payment exceeds account balance. Check No. 410 for $710.49 is likely to cause an overdraft as it's a large - value transaction compared to others.

Step2: Analyze result of overdrawing

When an account is overdrawn, a common result is an overdraft fee. Here, John is charged a $35 fee.

Step3: Identify fees on checking account

From the context, the fees charged are likely to be ATM Fee, Overdraft Fee, Maintenance Fee.

Step4: Determine financial formula

The formula for ending balance in a bank statement is Ending Balance = Previous Balance + Deposits - Withdrawals.

Answer:

  1. c. Check No. 410 for $710.49
  2. b. John's payment was greater than the balance he had available in his account so he was charged a $35 fee.
  3. d. ATM Fee, Overdraft Fee, Maintenance Fee
  4. d. Ending Balance = Previous Balance + Deposits - Withdrawals