Requirement 1 NOVEMBER 11 LEDGER ACCOUNTS

CASH PLAYER CONTRACT

₱ 129,800.00 ₱ 11,250,000.00

ACCOUTNS RECIEVABLE NOTES PAYABLE

₱ 3,712,500.00 ₱ 1,800,000.00

UNIFOR SUPPLIES ACCOUNTS PAYABLE

₱ 31,050.00 ₱ 4,725,000.00

PREPAID INSURANCE MORTGAGE PAYABLE

₱ - ₱ 10,500,000.00

LAND FABELLA, CAPITAL

₱ 2,025,000.00 ₱ 17,643,750.00

TRAINING FACILITIES FABELLA, WITHDRAWALS

₱ 12,750,000.00 ₱ 1,875,000.00

TRAINING EQUIPMENT GAME ATTENDANCE REVENUE

₱ 2,625,000.00 ₱ 10,125,000.00

SALARIES EXPENSE ADVERTISING EXPENSE

₱ 4,875,000.00 ₱ 400,950.00

TRAVEL EXPENSE LAUNDRY EXPENSE

₱ 1,532,400.00 ₱ 528,000.00

MEDICAL EXPENSE UTILITIES EXPENSE

₱ 194,550.00 ₱ 1,734,000.00

MISCELLANEOUS EXPENSE
₱ 130,500.00
 REQUIREMENT 2: GENERAL JOURNAL

DATE ACCOUNT TITLES DEBIT CREDIT

DEC.1 Player contracts ₱ 1,875,000.00
cash ₱ 225,000.00
notes payable ₱ 1,650,000.00
Acquired contract of Agustin Tiongco.
2 cash ₱ 2,809,500.00
accounts recievable ₱ 2,809,500.00
Collection of accounts recievable from season-ticket holders.
3 accounts payable ₱ 1,657,500.00
cash ₱ 1,657,500.00
payment of accounts payable.
4 advertising expense ₱ 78,600.00
cash ₱ 78,600.00
payment for advertising expense.
5 uniform supplies ₱ 30,750.00
accounts payable ₱ 30,750.00
purchase additional uniform on account.
9 accounts recievable ₱ 320,250.00
game attendance revenue ₱ 320,250.00
billed season ticket holders for the last five games.
10 notes payable ₱ 600,000.00
cash ₱ 600,000.00
payment of notes payable.
11 prepared insurance ₱ 215,250.00
cash ₱ 215,250.00
purchase of insurance.
12 training equipment ₱ 319,500.00
accounts payable ₱ 319,500.00
purchase of additional training equipment on account.
15 salaries expense ₱ 1,136,250.00
cash ₱ 11,360,250.00
paid salaries to players.
17 cash ₱ 3,316,050.00
game attendance revenue ₱ 3,316,050.00
collection of recievabels from the playoff games.
19 travel expense ₱ 558,000.00
cash ₱ 558,000.00
payment of travel expense to San Alcantara.
20 laundry expense ₱ 12,600.00
cash ₱ 12,600.00
payment for laundry expenses.
23 accounts payable ₱ 941,850.00
 cash ₱ 941,850.00
payment of accounts payable to creditors.
25 miscellaneous expense ₱ 26,850.00
cash ₱ 26,850.00
Payment for miscellaneous expense.
26 medical expense ₱ 18,900.00
cash ₱ 18,900.00
payment for medical expense.
27 utilities expense ₱ 210,450.00
cash ₱ 210,450.00
Payment for utilities expense.
28 salaries expense ₱ 1,240,650.00
cash ₱ 1,240,650.00
paid salaries to palyers.
30 Fabella withdrew ₱ 250,000.00
cash ₱ 250,000.00
withdrwal of cash for personal use.
REQUIRMENTS 3: post the entries to the ledger

date CASH date Mortgage payable

dec.1 ₱ 1,129,800.00 -₱ 225,000.00 dec.1
2 ₱ 2,809,500.00
3 -₱ 1,657,500.00
4 -₱ 78,600.00 date Accounts recievable
10 -₱ 600,000.00 dec.1 ₱ 3,712,500.00
11 -₱ 215,250.00 2
15 -₱ 1,136,250.00 9 ₱ 320,250.00
17 ₱ 3,316,050.00 ₱ 1,223,250.00
19 -₱ 558,000.00
20 -₱ 12,600.00 date Uniform Supplies
23 -₱ 941,850.00 dec.1 ₱ 31,050.00
25 -₱ 26,850.00 5 ₱ 30,750.00
26 -₱ 18,900.00 ₱ 61,800.00
27 -₱ 210,450.00
28 -₱ 1,240,650.00 date Prepaid Insurance
30 -₱ 250,000.00 dec.1 ₱ -
₱ 83,450.00 11 ₱ 215,250.00
₱ 215,250.00
date LAND
dec.1 ₱ 2,025,000.00 date Training facilities
₱ 2,025,000.00 dec.1 ₱ 12,750,000.00
₱ 12,750,000.00
date Player contracts
dec.1 ₱ 11,250,000.00 date Training equipment
₱ 1,875,000.00 dec.1 ₱ 2,625,000.00
₱ 13,125,000.00 12 ₱ 319,500.00
₱ 2,944,500.00
date notes payable
dec.1 -₱ 1,800,000.00 date accounts payable
1 -₱ 1,650,000.00 dec.1
10 ₱ 600,000.00 3 ₱ 1,657,500.00
-₱ 2,850,000.00 5
12
date Fabella, Capital 23 ₱ 941,850.00
dec.1 ₱ 17,643,750.00
₱ 17,643,750.00
date Game attendance revenue
date Fabella,withdrawals dec.1
dec.1 ₱ 1,875,000.00 9
30 ₱ 250,000.00 17
 ₱ 2,125,000.00

date salaries expense date Advertising expense

dec.1 ₱ 4,875,000.00 dec.1 ₱ 400,950.00
15 ₱ 1,136,250.00 4 ₱ 78,600.00
28 ₱ 1,240,650.00 ₱ 479,550.00
₱ 7,251,900.00
date travel expense
date laundry expense dec.1 ₱ 1,532,400.00
dec.1 ₱ 528,000.00 19 ₱ 558,000.00
20 ₱ 12,600.00 ₱ 2,090,400.00
₱ 540,600.00
date Medical expense
date utilities expense dec.1 ₱ 194,550.00
dec.1 ₱ 1,734,000.00 26 ₱ 18,900.00
27 ₱ 210,450.00 ₱ 213,450.00
₱ 1,944,450.00
date Miscellaneous expense
dec.1 ₱ 130,500.00
25 ₱ 26,850.00
₱ 157,350.00
 Mortgage payable
₱ 10,500,000.00
₱ 10,500,000.00

Accounts recievable

-₱ 2,809,500.00

Uniform Supplies

Prepaid Insurance

Training facilities

Training equipment

accounts payable
-₱ 4,725,000.00

-₱ 30,750.00
-₱ 319,500.00

-₱ 2,475,900.00

Game attendance revenue

₱ 10,125,000.00
₱ 320,250.00
₱ 3,316,050.00
 ₱ 13,761,300.00

Advertising expense

travel expense

Medical expense

Miscellaneous expense
 Requirements 4: prepare a trial bal. 12/3111

Jose Rizal Heavy Bombers

Trial balnce
December 31, 2011
account no. Account tittle debit credit
110 cash ₱ 83,450.00
120 account recievable ₱ 1,223,250.00
130 uniform supplies ₱ 61,800.00
140 prepaid insurance ₱ 215,250.00
150 land ₱ 2,025,000.00
160 training facilities ₱ 12,750,000.00
170 training equipment ₱ 2,944,500.00
180 player contracts ₱ 13,125,000.00
210 notes payable ₱ 2,850,000.00
220 accounts payable ₱ 2,475,900.00
230 mortgage payable ₱ 10,500,000.00
310 Fabella, capital ₱ 17,643,750.00
320 Fabella, withdrawals ₱ 2,125,000.00
410 game attendace revenue ₱ 13,761,300.00
510 salaries expense ₱ 7,251,900.00
520 advertising expense ₱ 479,550.00
530 travel expense ₱ 2,090,400.00
540 laundry expense ₱ 540,600.00
550 medical expense ₱ 213,450.00
560 utilities expense ₱ 1,944,450.00
570 miscellaneous expenes ₱ 157,350.00
total ₱ 47,230,950.00 ₱ 47,230,950.00
Requirment 5: Prepare an income stement and statement of changes in equity at dec 31 2011 and balance sheet as at dec 3

Jose Rizal Heavy Bombers

Income Statement
For the Month Ended December 31, 2011

Revenues
Game Attendance Revenues ₱ 13,761,300.00

Less: Expenses
Salaries Expense ₱ 7,251,900.00
Advertising Expense ₱ 479,550.00
Travel Expense ₱ 2,090,400.00
Laundry Expense ₱ 540,600.00
Medical Expense ₱ 213,450.00
Utilities Expense ₱ 1,944,450.00
Miscellaneous Expense ₱ 157,350.00
Total -₱ 12,677,700.00
Net Income ₱ 1,083,600.00

Jose Rizal Heavy Bombers

Statement of Changes in Equity
for the month ended December 31 2011

Fabella, Capital, December 1, 2010 ₱ 17,643,750.00

Add: Additional Investment ₱ -
Net Income ₱ 1,083,600.00 ₱ 1,083,600.00
Total ₱ 18,727,350.00
Less: Withdrawals -₱ 2,125,000.00
Fabella, Capital, December 31, 2011 ₱ 16,602,350.00

Jose Rizal Heavy Bombers

Stetement of Financial Position
December 31, 2011

Assets
Current Assets
Cash ₱ 83,450.00
Accounts Receivable ₱ 1,223,250.00
 Uniform Supplies ₱ 61,800.00
Prepaid Insurance ₱ 215,250.00
Total Current Assets

Long-term Assets
Land ₱ 2,025,000.00
Training Facilities ₱ 12,750,000.00
Training Equipment ₱ 2,944,500.00
Total Long-term Assets

Other Assets
Player Contracts
Total Assets

Liabilities
Current Liabilities
Accounts Payable ₱ 2,475,900.00
Total Current Liabilities

Non-Current Liabilities
Notes Payable ₱ 2,850,000.00
Mortgage Payable ₱ 10,500,000.00
Total Long-term Liabilities
Total Liabilities

Owner's Equity
Fabella, Capital, 12/31/11
Total Liabilities and Owner's Equity
nd balance sheet as at dec 31 2011
₱ 1,583,750.00

₱ 17,719,500.00

₱ 13,125,000.00
₱ 32,428,250.00

₱ 2,475,900.00

₱ 13,350,000.00
₱ 15,825,900.00

₱ 16,602,350.00
₱ 32,428,250.00