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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.

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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journalizing, Posting, Preparing a 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 P 1,129,800 3,712,500 31,050 -0- 2,025,000 12,750,000 2,625,000 11,250,000 110 120 130 Cash Accounts Receivable Uniform Supplies Prepaid Insurance Land 140 150 160 170 180 210 220 230 310 320 410 510 520 530 540 550 560 570 Training Facilities Training Equipment Player Contracts Notes Payable Accounts Payable Mortgage Payable Martin, Capital Martin, Withdrawals Game Attendance Revenues Salaries Expense Advertising Expense Travel Expense Laundry Expense Medical Expense Utilities Expense Miscellaneous Expense Totals P 1,800,000 4,725,000 10,500,000 17,643,750 1,875,000 10,125,000 4,875,000 400,950 1,532,400 528,000 194,550 1,734,000 130,500 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.
Transcribed Image Text:Journalizing, Posting, Preparing a 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 P 1,129,800 3,712,500 31,050 -0- 2,025,000 12,750,000 2,625,000 11,250,000 110 120 130 Cash Accounts Receivable Uniform Supplies Prepaid Insurance Land 140 150 160 170 180 210 220 230 310 320 410 510 520 530 540 550 560 570 Training Facilities Training Equipment Player Contracts Notes Payable Accounts Payable Mortgage Payable Martin, Capital Martin, Withdrawals Game Attendance Revenues Salaries Expense Advertising Expense Travel Expense Laundry Expense Medical Expense Utilities Expense Miscellaneous Expense Totals P 1,800,000 4,725,000 10,500,000 17,643,750 1,875,000 10,125,000 4,875,000 400,950 1,532,400 528,000 194,550 1,734,000 130,500 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. 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 a trial balance as at Dec. 31, 2019.
Transcribed Image Text: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 a trial balance as at Dec. 31, 2019.
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