a d. December 9. Used debit card to buy supplies, $120.00. Memorandum No. 12. e. December 14. Paid cash for insurance, using EFT, $50.00. Memorandum No. 13. f. December 18. The bank notified Bub's Gym of a dishonored check from Hawks Athletics for $50.00, with a fee of $35.00. Memorandum No. 14. g. December 27. Paid cash for electric bill, $200.00. Check No. 23. h. December 31. Replenished petty cash fund for Postage Expense, $15.00, Supplies Expense 30.00, and Miscellaneous Expense, $10.00, totaling $55.00. Check No. 24. i. December 31. Received bank statement showing December bank service charge, $25.00. Memorandum No 15.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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If someone could check over my five-column journal it will be greatly appreciated.
**Five Column Journal**

| Date       | Account Title                    | Doc. No. | Post Ref. | General |         | Sales | Cash    |         |
|------------|----------------------------------|----------|-----------|---------|---------|-------|---------|---------|
|            |                                  |          |           | Debit   | Credit  | Credit| Debit   | Credit  |
| Dec–1st    | Petty cash                       | C21      |           | $200.00 |         |       | $200.00 |         |
| Dec 9th    | Supplies                         | M12      |           | $120.00 |         |       | $120.00 |         |
| Dec 14th   | Insurance                        | M13      |           | $50.00  |         |       | $50.00  |         |
| Dec 18th   | Accounts receivable-bank charges | M14      |           |         | $85.00  |       |         | $85.00  |
| Dec 27th   | Electricity expenses             | C23      |           | $200.00 |         |       | $200.00 |         |
| Dec 31st   | Postage expense                  | C24      |           | $15.00  |         |       |         | $30.00  |
| Dec 31st   | Supplies expense                 | C24      |           | $30.00  |         |       | $30.00  |         |
| Dec 31st   | Miscellaneous expense            | C24      |           | $10.00  |         |       | $55.00  |         |
| Dec 31st   | Bank charges                     | C24      |           | $25.00  |         |       |         | $25.00  |

**Diagram Explanation**

This table is a "Five Column Journal" used for recording financial transactions. It includes the following columns:

- **Date**: The date on which the transaction occurred.
- **Account Title**: The name of the account involved in the transaction.
- **Doc. No.**: A document number associated with the transaction.
- **Post Ref.**: The reference for posting the transaction to the ledger.
- **General Debit/Credit**: The amount debited or credited in the general ledger.
- **Sales Credit**:
Transcribed Image Text:**Five Column Journal** | Date | Account Title | Doc. No. | Post Ref. | General | | Sales | Cash | | |------------|----------------------------------|----------|-----------|---------|---------|-------|---------|---------| | | | | | Debit | Credit | Credit| Debit | Credit | | Dec–1st | Petty cash | C21 | | $200.00 | | | $200.00 | | | Dec 9th | Supplies | M12 | | $120.00 | | | $120.00 | | | Dec 14th | Insurance | M13 | | $50.00 | | | $50.00 | | | Dec 18th | Accounts receivable-bank charges | M14 | | | $85.00 | | | $85.00 | | Dec 27th | Electricity expenses | C23 | | $200.00 | | | $200.00 | | | Dec 31st | Postage expense | C24 | | $15.00 | | | | $30.00 | | Dec 31st | Supplies expense | C24 | | $30.00 | | | $30.00 | | | Dec 31st | Miscellaneous expense | C24 | | $10.00 | | | $55.00 | | | Dec 31st | Bank charges | C24 | | $25.00 | | | | $25.00 | **Diagram Explanation** This table is a "Five Column Journal" used for recording financial transactions. It includes the following columns: - **Date**: The date on which the transaction occurred. - **Account Title**: The name of the account involved in the transaction. - **Doc. No.**: A document number associated with the transaction. - **Post Ref.**: The reference for posting the transaction to the ledger. - **General Debit/Credit**: The amount debited or credited in the general ledger. - **Sales Credit**:
The image appears to be a list of transactions recorded over the month of December. Below is a transcription suitable for an educational website:

---

### December Transactions Overview

1. **December 1**: Initiated a petty cash fund by writing a check for $200.00.  
   - **Check No.**: 21

2. **December 9**: Purchased supplies using a debit card, totaling $120.00.  
   - **Memorandum No.**: 12

3. **December 14**: Paid for insurance with cash using Electronic Funds Transfer (EFT), amounting to $50.00.  
   - **Memorandum No.**: 13

4. **December 18**: Received notification from the bank regarding a dishonored check from Hawks Athletics for $50.00, accompanied by a fee of $35.00.  
   - **Memorandum No.**: 14

5. **December 27**: Settled the electric bill with a cash payment of $200.00.  
   - **Check No.**: 23

6. **December 31**: Replenished the petty cash fund with expenditures for various expenses including:
   - **Postage Expense**: $15.00
   - **Supplies Expense**: $30.00
   - **Miscellaneous Expense**: $10.00
   - **Totaling**: $55.00
   - **Check No.**: 24

7. **December 31**: A bank statement was received indicating a December bank service charge of $25.00.  
   - **Memorandum No.**: 15

---

This list documents the financial activities and illustrates the maintenance of financial records through checks, memoranda, and bank statements.
Transcribed Image Text:The image appears to be a list of transactions recorded over the month of December. Below is a transcription suitable for an educational website: --- ### December Transactions Overview 1. **December 1**: Initiated a petty cash fund by writing a check for $200.00. - **Check No.**: 21 2. **December 9**: Purchased supplies using a debit card, totaling $120.00. - **Memorandum No.**: 12 3. **December 14**: Paid for insurance with cash using Electronic Funds Transfer (EFT), amounting to $50.00. - **Memorandum No.**: 13 4. **December 18**: Received notification from the bank regarding a dishonored check from Hawks Athletics for $50.00, accompanied by a fee of $35.00. - **Memorandum No.**: 14 5. **December 27**: Settled the electric bill with a cash payment of $200.00. - **Check No.**: 23 6. **December 31**: Replenished the petty cash fund with expenditures for various expenses including: - **Postage Expense**: $15.00 - **Supplies Expense**: $30.00 - **Miscellaneous Expense**: $10.00 - **Totaling**: $55.00 - **Check No.**: 24 7. **December 31**: A bank statement was received indicating a December bank service charge of $25.00. - **Memorandum No.**: 15 --- This list documents the financial activities and illustrates the maintenance of financial records through checks, memoranda, and bank statements.
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