Reference no: EM132882487
Question - Chris Martin owns the Viva La Vida, a collegiate basketball team in the X&Y Basketball Association. Presented below is the Nov. 30, 2019 trial balance representing activities from Jan.
1, 2019 to Nov. 30, 2019, together with the account numbers and titles: During the month of December 2019, the Viva La Vida were participating in the 2019 playoffs and the following transactions took place:
Dec. 1 Acquired the contract of Agustin Tiongco from the Negros Navigators for P1,875,000; paying P225,000 in cash and financing the P1,650,000 by issuing a note payable.
Dec. 2 Collected P2,809,500 on accounts receivable from season-ticket holders.
Dec. 3 Settled accounts payable. P1,657,500.
Dec. 4 Paid for TV advertising. P78,600.
Dec. 5 Acquired on account additional uniforms for the upcoming series with the San Alcantara Padres, P30,750.
Dec. 9 Billed season-ticket holders for the last five games, P320,250.
Dec. 10 Paid the amount due on this date for a note payable, P600,000.
Dec. 11 Acquired prepaid insurance worth P215,250. Record as prepaid insurance.
Dec. 12 Acquired additional training equipment on account, P319,500.
Dec. 15 Paid players' salaries. P1,136,250.
Dec. 17 Received P3,316,050 cash for tickets to playoff games.
Dec. 19 Paid travel expenses to San Alcantara, P558,000.
Dec. 20 Paid laundry expenses, P26,850.
Dec. 23 Paid creditors, P941,850.
Dec. 25 Paid miscellaneous expenses, P26,850.
Dec. 26 Paid medical expenses, P18,900.
Dec. 27 Paid utilities expenses, P210,450.
Dec. 28 Paid player's salaries, P1,240,650.
Dec. 30 Chris Martin withdrew P250,000
Required -
1. Enter the amounts from the November 2019 trial balance into the appropriate ledger accounts.
2. Prepare the journal entries for the December transactions.
3. Post the entries to the ledger using "page 12" as the journal reference.
4. Prepare Trial balance as at Dec. 31, 2019.