Question

Bob withdrew money from an atm, put the receipt in an envelope, and filled in the information in his check register. explain why it is important for bob to keep the receipt and record the information in his check register.

Answer 1

It is important for bob to keep the receipt and record in the register so he can monitor how much money he has in the account.

This type of efforts is very important for people who are serious in controlling their budget. Keeping the receipt would help bob prevent himself from taking more money that his budget. It also help bob in identifying the difference during bank reconciliation.

Answer 2

It is important to record each transaction so Bob knows how much money is in his account. That prevents being overdrawn. Recording debits and deposits helps with budgeting. It is good to keep receipts in case of any bank errors.