Debit and Credit Transactions

Oct 13, 2025 by magicalceylontours.com 17 views

Introduction

In this article, we will delve into the world of account transactions and explore how Elizabeth's account balance changes over the course of a week. We will examine the debit and credit transactions that affect her account balance, and calculate the final balance at the end of the week.

Initial Account Balance

Elizabeth starts the week with an initial account balance of $252.00 on Sunday.

Debit and Credit Transactions

The following table shows the debit and credit transactions that affect Elizabeth's account balance over the next week:

Day	Debit ($)	Credit ($)
Monday	50	0
Tuesday	0	75
Wednesday	25	0
Thursday	0	100
Friday	30	0
Saturday	0	50
Sunday	0	0

Calculating the Account Balance

To calculate the account balance at the end of each day, we need to subtract the debit transactions from the previous day's balance and add the credit transactions.

Monday

Initial balance: $252.00
Debit: $50
Credit: $0
New balance: $252.00 - $50 = $202.00

Tuesday

Previous balance: $202.00
Debit: $0
Credit: $75
New balance: $202.00 + $75 = $277.00

Wednesday

Previous balance: $277.00
Debit: $25
Credit: $0
New balance: $277.00 - $25 = $252.00

Thursday

Previous balance: $252.00
Debit: $0
Credit: $100
New balance: $252.00 + $100 = $352.00

Friday

Previous balance: $352.00
Debit: $30
Credit: $0
New balance: $352.00 - $30 = $322.00

Saturday

Previous balance: $322.00
Debit: $0
Credit: $50
New balance: $322.00 + $50 = $372.00

Sunday

Previous balance: $372.00
Debit: $0
Credit: $0
New balance: $372.00

Conclusion

In conclusion, Elizabeth's account balance changes over the course of a week due to debit and credit transactions. By calculating the account balance at the end of each day, we can see how the transactions affect the balance. The final balance at the end of the week is $372.00.

Final Account Balance

Day	Debit ($)	Credit ($)	Balance ($)
Sunday	0	0	$372.00

Mathematical Operations

In this article, we used the following mathematical operations to calculate the account balance:

Subtraction: to subtract the debit transactions from the previous day's balance
Addition: to add the credit transactions to the previous day's balance

Real-World Applications

Understanding account transactions and calculating account balances is an essential skill in real-world applications, such as:

Personal finance: to manage personal finances and make informed decisions about spending and saving
Business finance: to manage company finances and make informed decisions about investments and expenses
Accounting: to prepare financial statements and reports for businesses and individuals

Conclusion

Q: What is the initial account balance of Elizabeth's account?

A: The initial account balance of Elizabeth's account is $252.00 on Sunday.

Q: What are the debit and credit transactions that affect Elizabeth's account balance?

A: The debit and credit transactions that affect Elizabeth's account balance are shown in the following table:

Day	Debit ($)	Credit ($)
Monday	50	0
Tuesday	0	75
Wednesday	25	0
Thursday	0	100
Friday	30	0
Saturday	0	50
Sunday	0	0

Q: How do the debit and credit transactions affect Elizabeth's account balance?

A: To calculate the account balance at the end of each day, we need to subtract the debit transactions from the previous day's balance and add the credit transactions.

Q: What is the account balance at the end of each day?

A: The account balance at the end of each day is calculated as follows:

Monday

Initial balance: $252.00
Debit: $50
Credit: $0
New balance: $252.00 - $50 = $202.00

Tuesday

Previous balance: $202.00
Debit: $0
Credit: $75
New balance: $202.00 + $75 = $277.00

Wednesday

Previous balance: $277.00
Debit: $25
Credit: $0
New balance: $277.00 - $25 = $252.00

Thursday

Previous balance: $252.00
Debit: $0
Credit: $100
New balance: $252.00 + $100 = $352.00

Friday

Previous balance: $352.00
Debit: $30
Credit: $0
New balance: $352.00 - $30 = $322.00

Saturday

Previous balance: $322.00
Debit: $0
Credit: $50
New balance: $322.00 + $50 = $372.00

Sunday

Previous balance: $372.00
Debit: $0
Credit: $0
New balance: $372.00

Q: What is the final account balance at the end of the week?

A: The final account balance at the end of the week is $372.00.

Q: What are some real-world applications of understanding account transactions and calculating account balances?

A: Understanding account transactions and calculating account balances is an essential skill in real-world applications, such as:

Personal finance: to manage personal finances and make informed decisions about spending and saving
Business finance: to manage company finances and make informed decisions about investments and expenses
Accounting: to prepare financial statements and reports for businesses and individuals

Q: What mathematical operations are used to calculate the account balance?

A: The mathematical operations used to calculate the account balance are:

Subtraction: to subtract the debit transactions from the previous day's balance
Addition: to add the credit transactions to the previous day's balance

Q: Why is it important to understand account transactions and calculate account balances?

A: Understanding account transactions and calculating account balances is important because it helps individuals and businesses make informed decisions about their finances and manage their resources effectively.