DEBITS AND CREDITS ESSENTIAL QUESTIONS: How do I add and subtract rational numbers?

Suppose you have been given a checkbook. Your checkbook has a ledger for you to record your transactions. There are two types of transactions that may take place, (1) deposits (money placed in the account) and (2) debits/ payments (money out of the account). The difference between debits/payments and deposits tells the value of the account. If there are more credits than debits, the account is positive, or in the black. If there are more debits than credits, the account is in debt, shows a negative cash value, or is in the red. Situation #1: Use the ledger to record the information and answer the questions. Note: On August 12, your beginning balance is $0.00 1. On August 16, you receive a check from your Grandmother for $40 for your birthday. 2. On August 16, you receive a check from your Parents for $100 for your birthday. 3. On August 17, you purchase a pair of pants from Old Navy for $23.42. 4. On August 18, you find $5.19 in change during the day. 5. On August 19, you purchase socks from Wal-Mart for $12.76. PAYMENT (-) DEPOSIT (+)

DATE

TRANSACTION

BALANCE

A. What is your balance after five transactions?

B. How much money did you deposit (show as a positive value)?

C. How much money did you pay or withdraw (show as a negative value)?

Situation #2: Use the ledger to record the information and answer the questions. Note: On May 5, your beginning balance is $8.00 1. On May 6, you spent $4.38 on a gallon of ice cream at Martys Ice Cream Parlor. 2. On May 7, you spent $3.37 on crackers, a candy bar, and a coke from Circle H convenience store. 3. On May 8, you received $10 for cutting the neighbors grass. 4. On May 8, you spent $14.80 on a downloaded book for your Kindle.

DATE

TRANSACTION

PAYMENT (-)

DEPOSIT (+)

BALANCE

A. What is your balance after four transactions?

B. How much money did you deposit (show as a positive value)?

C. How much money did you pay or withdraw (show as a negative value)?

D. Can you really afford to spend $14.80 on a book for your Kindle? If not, how much money do you need to earn to have an account balance of $0?

Situation #3: Use the ledger to record the information and answer the questions. Note: On July 4, your beginning balance is (-$40). Show, using at least eight transactions, a way you can have an ending account balance of more than $145. You must include debit and credit amounts that have cents in at least five of your transactions. Your ledger must show both credits and debits. Be sure to fill out the ledger as you go.

DATE

TRANSACTION

PAYMENT (-)

DEPOSIT (+)

BALANCE

CATEGORY

Strategy /Procedure

Typically, uses an efficient and effective strategy to solve the problem(s).

Mathematical Concepts

Sometimes uses an effective strategy to solve problems, but does not do it consistently. Explanation shows Explanation shows Explanation shows complete substantial some understanding understanding of the understanding of the of the mathematical mathematical mathematical concepts needed to concepts used to solve concepts used to solve solve the problem(s). the problem(s). the problem(s). Uses complex and refined mathematical reasoning. Explanation is detailed and clear. Uses effective mathematical reasoning Explanation is clear.

Typically, uses an effective strategy to solve the problem(s).

Rarely uses an effective strategy to solve problems.

Mathematical Reasoning Explanation

Math Terminology and Notation

Correct terminology and notation are always used, making it easy to understand what was done. Student was an engaged group member, listening to suggestions of others and working cooperatively throughout lesson.

Working with others

Correct terminology and notation are usually used, making it fairly easy to understand what was done. Student was an engaged group member but had trouble listening to others and/or working cooperatively.

Explanation shows very limited understanding of the underlying concepts needed to solve the problem(s) OR is not written. Some evidence of Little evidence of mathematical mathematical reasoning. reasoning. Explanation is a little Explanation is difficult to difficult to understand understand, but and is missing several includes critical components OR was components. not included. Correct terminology There is little use, or a and notation are used, lot of inappropriate but it is sometimes use, of terminology not easy to understand and notation. what was done. Student cooperated with others, but needed prompting to stay on-task. Student did not work effectively with others.