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