Question: Hi I need help on what is the answer to this problems? Below is the question and other concerns will be in the comment section
Hi I need help on what is the answer to this problems? Below is the question and other concerns will be in the comment section. I hope you can help me and surely I will give you full positive feedback.
Vincent Fabella owns the Jose Rizal Heavy Bombers, a collegiate basketball team in the Phil-Am Basketball Association. Presented below is the November 30, 2021 trial balance representing activities from January 01, 2021 to November 30, 2021, together with the account titles and numbers: Jose Rizal Heavy Bombers owned and operated by Vincent Fabella Trial Balance November 30, 2021 Account Number Account Titles Debit Credit 110 Cash Php 1,129,800 120 Accounts Receivable 3,712,500 130 Uniform Supplies 31,050 140 Prepaid Insurance 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 1,800,000 220 Accounts Payable 4,725,000 230 Mortgage Payable 10,500,000 310 Fabella, Capital 17,643,750 320 Fabella, 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 Miscellanous Expense 130,500 Total Php 44,793,750 44,793,750During the month of December 2021, the Bombers were participating in the 2021 playoffs and the following transactions took place: Dec. 01 Acquired the contract of Agustin Tionco from the Negros Navigators for P1,875,000; paying P225,000 in cash and financing the P1,650,000 by issuing a note payable 02 Collected P2,809,500 on accounts receivable from season-ticket holders. 03 Settled accounts payable, P1,657,500. 04 Paid for TV advertising, P78,600 05 Acquired on account additional uniforms for the upcoming series with San Alcantara Padres, P30,750 09 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 insurance for the months of December to June, P212,250. Use asset method on recording. 12 Acquired additional training equipment on account, P319,500 15 Paid player's 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, P12,600. 23 Paid creditors, P941,850. 25 Paid miscellanous expenses, P26,850. 26 Paid medical expenses, P18,900. 27 Paid utilities expenses, P210,450 28 Paid player's salaries, P1,240,650. 30 Vincent Fabella, withdrew P250,000.Required: 1. Entered the amounts from the November 2021 trial balance into the appropriate ledger accounts 2. Prepare the journal entries for the December 2021 transactions. 3. Post the entries to the ledger. 4. Prepare a trial balance as at December 31, 2021
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