Vince Fabella owns the Jose Rizal Heavy Bombers, a collegiate basketball team in the Phil-Am Basketball Associatio

Presented below is the November 30, 2021 trial balance representing activities from Jan. 1, 2021 to November 30, 20
together with the account numbers and titles.

Jose Rizal Heavy Bombers

Trial Balance
30-Nov-21

Account No. Account Titles Debit Credit

110 Cash ₱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 16,498,350
Totals ₱33,523,350 ₱33,523,350

During the month of December 2021, the Bombers wew participating in the 2021 playoffs and the following transactions
took place:

Dec. 1 Created opening entry for the beginning balances.

Dec. 1 Acquired the contract of Agustin Tiongco from the Negros Navigators for P1,875,000; paying P225,000 in cash
financing the P1,650,000 by issuing a note payable.
Dec. 2 Collected P2,809,500 on accounts receivable from season-ticket holders.
Dec. 3 Settled accounts payable, P1,657,500.
Dec. 4 Paid for TV advertising, P78,600.
Dec. 5 Acquired on account additional uniforms for the upcoming series with the San Alcantara Padres, P30,750.
Dec. 9 Billed season-ticket holders for the last five games, P320,250.
Dec. 10 Paid the amount due on this date for a note payable, P600,000.
Dec. 11 Acquired insurance for the months of December to May, P212,250. Record as prepaid insurance.
Dec. 12 Acquired additional training equipment on account, P319,500.
Dec. 15 Paid players' salaries, P1,136,250.
Dec. 17 Received P3,316,050 cash for tickets to playoff games.
Dec. 19 Paid travel expenses to San Alcantara, P558,000.
Dec. 20 Paid laundry expenses, P12,600.
Dec. 23 Paid creditors, P941,850.
Dec. 25 Paid miscellaneous expenses, P26,850.
Dec. 26 Paid medical expenses, P18,900.
Dec. 27 Paid utilities expenses, P210,450.
Dec. 28 Paid players' salaries, P1,240,650.
Dec. 30 Vince Fabella withdrew P250,000.
Required:
1. Prepare the journal entries for the December transactions. Use this Excel File under General Journal tab
2. Journalize and post the following transactions at year end. The adjusting journal entries must be dated December 31
and must be included in the general journal.
a. Prepaid insurance equal to one month has already expired.
b. Training facilities have a useful life of 20 years and has no resale value.
c. Training equipment has useful life of 20 years and has a resale value of P25,000.
d. Interest for the note payable amounted to P50,000.
e. Unpaid salaries amount to P345,000.
f. Fabella estimates that 5% of the accounts receivable are uncollectible.
3. Prepare closing entries. Use the General Journal tab
 m Basketball Association.
021 to November 30, 2021

2,944,500
2,919,500
145975

lowing transactions

paying P225,000 in cash and

ra Padres, P30,750. 3,712,500

2,809,500
320,250
1,223,250
61,162.50

2,600,000
130,000
ted December 31
 Date Account DEBIT/CREDIT
DEC. 1 Cash DEBIT
Accounts Receivable DEBIT
Uniform Supplies DEBIT
Prepaid Insurance DEBIT
Training Facilities DEBIT
Training Equipment DEBIT
Player Contracts DEBIT
Notes Payable CREDIT
Accounts Payable CREDIT
Mortgage Payable CREDIT
Fabella, Capital CREDIT
DEC. 1 Player Contracts DEBIT
Cash CREDIT
Notes Payable CREDIT
DEC. 2 Cash DEBIT
Accounts Receivable CREDIT
DEC. 3 Accounts Payable DEBIT
Cash CREDIT
DEC. 4 Advertising Expene DEBIT
Cash CREDIT
DEC. 5 Uniform Supplies DEBIT
Accounts Payable CREDIT
DEC. 9 Accounts Receivable DEBIT
Ticket Sales CREDIT
DEC. 10 Notes Payable DEBIT
Cash CREDIT
DEC. 11 Prepaid Insurance DEBIT
Cash CREDIT
DEC. 12 Training Equipment DEBIT
Accounts Payable CREDIT
DEC. 15 Salaries Expense DEBIT
Cash CREDIT
DEC. 17 Cash DEBIT
Ticket Sales CREDIT
DEC. 19 Travel Expense DEBIT
Cash CREDIT
DEC. 20 Laundry Expense DEBIT
Cash CREDIT
DEC. 23 Accounts Payable DEBIT
Cash CREDIT
DEC. 25 Miscellaneous Expense DEBIT
Cash CREDIT
DEC. 26 Medical Expense DEBIT
Cash CREDIT
DEC. 27 Utilities Expense DEBIT
Cash CREDIT
DEC. 28 Notes Payable DEBIT
 Cash CREDIT
DEC. 30 Fabella, Drawings DEBIT
Cash CREDIT
DEC. 31 Insurance Expense DEBIT
Prepaid Insurance CREDIT
DEC. 31 Depreciation Expensse DEBIT
Accumulated Depreciation - Training Facilities CREDIT
DEC. 31 Depreciation Expensse DEBIT
Accumulated Depreciation - Training Equipment CREDIT
DEC. 31 Interest Expense DEBIT
Interest Payable CREDIT
DEC. 31 Salaries Expense DEBIT
Salaries Payable CREDIT
DEC. 31 Doubtful Accounts Expense DEBIT
Allowance for Doubtful Accounts CREDIT
DEC. 31 Ticket Sales DEBIT
Income Summary CREDIT
DEC. 31 Income Summary DEBIT
Advertising Expene CREDIT
Salaries Expense CREDIT
Travel Expense CREDIT
Laundry Expense CREDIT
Miscellaneous Expense CREDIT
Medical Expense CREDIT
Utilities Expense CREDIT
Insurance Expense CREDIT
Depreciation Expensse CREDIT
Doubtful Accounts Expense CREDIT
Interest Expense CREDIT
DEC. 31 Income Summary DEBIT
Fabella, Capital CREDIT
Dec. 31 Fabella, Capital DEBIT
Fabella, Drawings CREDIT
 Amount
1,129,800.00
3,712,500.00
31,050.00
-
12,750,000.00
2,625,000.00
11,250,000.00
1,800,000.00
4,725,000.00
10,500,000.00
16,498,350.00
1,875,000.00
225,000.00
1,650,000.00
2,809,500.00
2,809,500.00
1,657,500.00
1,657,500.00
78,600.00
78,600.00
30,750.00
30,750.00
320,250.00
320,250.00
600,000.00
600,000.00
212,250.00
212,250.00
319,500.00
319,500.00
1,136,250.00
1,136,250.00
3,316,050.00
3,316,050.00
558,000.00
558,000.00
12,600.00
12,600.00
941,850.00
941,850.00
26,850.00
26,850.00
18,900.00
18,900.00
210,450.00
210,450.00
1,240,650.00
 1,240,650.00
250,000.00
250,000.00
35,375.00
35,375.00
637,500.00
637,500.00
130,000.00
130,000.00
50,000.00
50,000.00
345,000.00
345,000.00
61,162.50
61,162.50
3,636,300.00
3,636,300.00
3,300,687.50
78,600.00
1,481,250.00
558,000.00
12,600.00
26,850.00
18,900.00
210,450.00
35,375.00
767,500.00
61,162.50
50,000.00
335,612.50
335,612.50
250,000.00
250,000.00
113,814,875.00
 Cash Accounts Receivable
Date DEBIT CREDIT Date DEBIT CREDIT
Dec. 1 1,129,800.00 Dec. 1 3,712,500.00
Dec. 1 225,000.00 Dec. 2 2,809,500.00
Dec. 2 2,809,500.00 Dec. 9 320,250.00
Dec. 3 ### 4,032,750.00 2,809,500.00
Dec. 4 78,600.00 bal. 1,223,250.00
Dec. 10 600,000.00
Dec. 11 212,250.00
Dec. 15 ###
Dec. 17 3,316,050.00
Dec. 19 558,000.00
Dec. 20 12,600.00
Dec. 23 941,850.00
Dec. 25 26,850.00
Dec. 26 18,900.00
Dec. 27 210,450.00
Dec. 28 ###
Dec. 30 250,000.00
7,255,350.00 ###
Bal. 86,450.00

Training Facilities Training Equipment

Date DEBIT CREDIT Date DEBIT CREDIT
Dec. 1 12,750,000.00 Dec. 1 2,625,000.00
Dec. 12 319,500.00
2,944,500.00

Note Payable Mortgage Payable

Date DEBIT CREDIT Date DEBIT CREDIT
Dec. 1 ### Dec. 1 10,500,000.00
Dec. 1 ###
Dec. 10 600,000.00
Dec. 28 1,240,650.00

Ticket Sales Advertising Expense

Date DEBIT CREDIT Date DEBIT CREDIT
Dec. 9 320,250.00 Dec. 4 78,600.00
Dec. 17 ###
###

Laundry Expense Travel Expense

Date DEBIT CREDIT Date DEBIT CREDIT
Dec. 20 12,600.00

Utilities Expense Insurance Expense

Date DEBIT CREDIT Date DEBIT CREDIT
Dec. 27 210,450.00 35,375.00

Accumulated Depreciation - Training Equipment Doubtful Accounts Epense

Date DEBIT CREDIT Date DEBIT CREDIT
130,000.00 61,162.50

Income Summary
Date DEBIT CREDIT
Dec.1 ###
3,300,687.50
335,612.50
 Uniform Supplies Land
Date DEBIT CREDIT Date DEBIT CREDIT
Dec. 1 31,050.00 Dec. 1 2,025,000.00
Dec. 5 30,750.00

bal. 61,800.00 bal. 2,025,000.00

Player Contract Accounts Payable

Date DEBIT CREDIT Date DEBIT CREDIT
Dec. 1 11,250,000.00 Dec. 1 4,725,000.00
Dec. 1 1,875,000.00 Dec. 3 1,657,500.00
Dec. 5 30,750.00
Dec. 12 319,500.00
Dec. 23 941,850.00

Fabella, Capital Fabella, Drawing

Date DEBIT CREDIT Date DEBIT CREDIT
Dec. 1 16,498,350.00 Dec. 30 250,000.00

Salaries Expense Travel Expense

Date DEBIT CREDIT Date DEBIT CREDIT
Dec. 15 1,136,250.00 Dec. 19 558,000.00
 345,000.00
1,481,250.00

Miscellaneous Expense Medical Expense

Date DEBIT CREDIT Date DEBIT CREDIT
Dec. 25 26,850.00 Dec. 26 18,900.00

Depreciation Expense Accumulated Depreciation - Training Facilities

Date DEBIT CREDIT Date DEBIT CREDIT
637,500.00 637,500.00
130,000.00
767,500.00

Allowance for Doubtful Accounts Interest Expense

Date DEBIT CREDIT Date DEBIT CREDIT
61,162.50 50,000.00
 Prepaid Insurance
Date DEBIT CREDIT
Dec. 11 212,250.00
35,375.00
212,250.00 35,375.00
bal. 176,875.00

Interest Payable
Date DEBIT CREDIT
50,000.00

Salaries Payable
Date DEBIT CREDIT
345,000.00