Chris Martin owns the Viva La Vida, a collegiate basketball team in the X&Y BasketballAssociation. 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.

2 Collected P2,809,500 on accounts receivable from season-ticket holders.

3 Settled accounts payable. P1,657,500.

4 Paid for TV advertising. P78,600.

5 Acquired on account additional uniforms for the upcoming series with

the San Alcantara Padres, P30,750.

9 Billed season-ticket holders for the last five games, P320,250.

10 Paid the amount due on this date for a note payable, P600,000.

11 Acquired prepaid insurance worth P215,250. Record as

prepaid insurance.

12 Acquired additional training equipment on account, P319,500.

15 Paid players' salaries. P1,136,250.

17 Received P3,316,050 cash for tickets to playoff games.

19 Paid travel expenses to San Alcantara, P558,000.

20 Paid laundry expenses, P26,850.

23 Paid creditors, P941,850.

Dec. 25 Paid miscellaneous expenses, P26,850.

26 Paid medical expenses, P18,900.

27 Paid utilities expenses, P210,450.

28 Paid player's salaries, P1,240,650.

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.

Viva La Vida Trial Balance November 30, 2019 Acct. No. Account Titles Debit Credit 110 Cash P 1,129,800 120 Accounts Receivable 3,712,500 130 Uniform Supplies 31,050 140 Prepaid Insurance -0- 150 Land 2,025,000 160 Training Facilities 12,750,000 170 Training Equipment 2,625,000 180 Player Contracts 11,250,000 210 Notes Payable P 1,800,000 220 Accounts Payable 4,725,000 230 Mortgage Payable 10,500,000 310 Martin, Capital 17,643,750 320 Martin, Withdrawals 1,875,000 410 Game Attendance Revenues 10,125,000 510 Salaries Expense 4,875,000 520 Advertising Expense 400,950 530 Travel Expense 1,532,400 540 Laundry Expense 528,000 550 Medical Expense 194,550 560 Utilities Expense 1,734,000 570 Miscellaneous Expense 130,500 Totals 44,793,750 44,793,750