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
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:
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
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 additional training equipment on account, 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.
Requirements :
1. Enter the amounts from the November 2019 trial balance into the appropriate ledger
accounts.
2. Journal entries for 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started