M ISAMIS UNIVERSITY

Ozamiz City Name: Page No. 1 of 14

College of Business and
Management Subject: ACCTG 1
Date:
Examination Period: Final Examination Document Code: MU-CBM-EXQ-ACCTG1
Proctor:
I.D. No.: Class Schedule: Days:
Course & Year:
Permit No.: Instructor: Rosemarie P. Duhaylungsod
Approved by: (VPAA)
Revision Status/Date:00/March 30, 2018 Checked & Verified by: (Dean/Chairman)
OATH
Good old values are enduring. Diligence, hard work, and honesty are some of which I should learn to practice in and
out of school. I shall endeavor to practice honesty today by answering the test questions to the best of my ability and I will not
enrich my score by getting information or answers from any other student.
____________________
Student’s Signature

INSTRUCTIONS: Read and analyze carefully the following problem and answer as required. You may
write your answer in a sheet of paper or encode it in MS Word/MS Excel and submit your final output as a
PDF file. Indicate your name and signature in each page of your output (original signature if hand-written;
e-signature if encoded).

COMPREHENSIVE PROBLEM:
Vincent Fabella owns the Jose Rizal Heavy Bombers, a collegiate basketball team in the Phil-Am
Basketball Association. Presented below is the Nov. 30, 2021 trial balance representing activities from
Jan. 1, 2021 to Nov. 30, 2021, together with the account numbers and titles:

Jose Rizal Heavy Bombers

Trial Balance
Nov. 30, 2021
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 -
150 Land 2,025,000
160 Training Facilities 12,750,000
165 Accumulated Depreciation – TF -
170 Training Equipment 2,625,000
175 Accumulated Depreciation – TE -
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 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 Miscellaneous Expense 130,500
580 Depreciation Expense -
590 Insurance Expense ________-____ ________________
Totals P 44,793,750 P 44,793,750
NAME: SUBJECT: ACCTG 1 PAGE NO. 2 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:

During the month of December 2021, the Bombers were participating in the 2021 playoffs and the
following transactions took place:
Date Transaction Accounts to Charge
Dec. 1 Acquired the contract of Agustin Tiongco from Negros Player Contracts
Navigators for P1,875,000; paying P225,000 in cash and Cash
financing the P1,650,000 by issuing a promissory note. Notes Payable
2 Collected P2,809,500 on accounts receivable from season- Cash
ticket holders. Accounts Receivable
3 Settled accounts payable, P1,657,500. Accounts Payable
Cash
4 Paid for TV advertising, P78,600. Advertising Expense
Cash
5 Acquired on account additional uniforms for the upcoming Uniform Supplies
series with the San Alcantara Padres, P30,750. Accounts Payable

9 Billed season-ticket holders for the last five games, Accounts Receivable
P320,250. Game Attendance Revenues
10 Paid the amount due on this date for a note payable, Notes Payable
P600,000. Cash
11 Acquired insurance for the months of Dec. to June, Prepaid Insurance
P215,250. Record as prepaid insurance. Cash
12 Acquired additional training equipment on account, Training Equipment
P319,500. Accounts Payable
15 Paid players’ salaries, P1,136,250. Salaries Expense
Cash
17 Received P3,316,050 cash for tickets to playoffs games. Cash
Game Attendance Revenues
19 Paid travel expenses to San Alcantara, P558,000. Travel Expense
Cash
20 Paid Laundry expenses, P12,600. Laundry Expense
Cash
23 Paid creditors, P941,850. Accounts Payable
Cash
25 Paid miscellaneous expenses, P26,850. Miscellaneous Expense
Cash
26 Paid medical expenses, P18,900. Medical Expense
Cash
27 Paid utilities expenses, P210,450. Utilities Expense
Cash
28 Paid players’ salaries, P1,240,650. Salaries Expense
Cash
30 Vincent Fabella withdrew P250,00 for personal use. Fabella, Withdrawals
Cash

Requirements:
1. Prepare the journal entries of the above transactions for December 2021. (Include the
explanation of the journal entries.)
2. Set-up the T-accounts of all the account titles in the trial balance and enter the account balances
as of Nov. 30, 2021 in the appropriate ledger accounts. The post the journal entries to the
ledger (T-account) set-up.
3. Prepare the Unadjusted Trial Balance for the year ended December 31, 2021.
4. The following are the data for adjustments. Prepare the adjusting entries.
a. The annual depreciation expense for Training Facilities is P850,000. (Depreciation Expense;
Accumulated Depreciation – TF)
NAME: SUBJECT: ACCTG 1 PAGE NO. 3 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:

b. The annual depreciation expense for Training Equipment is P262,500. (Depreciation

Expense; Accumulated Depreciation – TE)
c. The expired portion for prepaid insurance is P30,750. (Insurance Expense; Prepaid
Insurance)
5. From the given adjusted trial balance of Jose Rizal Heavy Bombers below, prepare the
following:
a. 10-Column Worksheet
b. Financial Statements
 Income Statement
 Statement of Changes in Equity
 Balance Sheet
c. Closing journal Entries
d. Post-Closing Trial Balance

Jose Rizal Heavy Bombers

Adjusted Trial Balance
Dec. 31, 2021

Acct. No. Account Titles Debit Credit

110 Cash P 83,450
120 Accounts Receivable 1,223,250
130 Uniform Supplies 61,800
140 Prepaid Insurance 184,500
150 Land 2,025,000
160 Training Facilities 12,750,000
165 Accumulated Depreciation – TF P 850,000
170 Training Equipment 2,944,500
175 Accumulated Depreciation – TE 262,500
180 Player Contracts 13,125,000
210 Notes Payable 2,850,000
220 Accounts Payable 2,475,900
230 Mortgage Payable 10,500,000
310 Fabella, Capital 17,643,750
320 Fabella, Withdrawals 2,125,000
410 Game Attendance Revenues 13,761,300
510 Salaries Expense 7,251,900
520 Advertising Expense 479,550
530 Travel Expense 2,090,400
540 Laundry Expense 540,600
550 Medical Expense 213,450
560 Utilities Expense 1,944,450
570 Miscellaneous Expense 157,350
580 Depreciation Expense 1,112,500
590 Insurance Expense 30,750 _____________
Totals 47,230,950 47,230,950
 NAME: SUBJECT: ACCTG 1 PAGE NO. 4 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:

ANSWER SHEETS

GENERAL JOURNAL: JOURNAL ENTRIES

Date/ 2021 Account Titles Debit Credit
NAME: SUBJECT: ACCTG 1 PAGE NO. 5 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:

GENERAL LEDGER

Cash
NAME: SUBJECT: ACCTG 1 PAGE NO. 6 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:

Accounts Receivable

Uniform Supplies

Prepaid Insurance

Land

Training Facilities

Accumulated Depreciation - TF

Training Equipment

Accumulated Depreciation - TE

Player Contracts

Notes Payable
NAME: SUBJECT: ACCTG 1 PAGE NO. 7 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:

Accounts Payable

Mortgage Payable

Fabella, Capital

Fabella, Withdrawals

Game Attendance Revenues

Salaries Expense

Advertising Expense

Travel Expense

Laundry Expense
NAME: SUBJECT: ACCTG 1 PAGE NO. 8 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:

Medical Expense

Utilities Expense

Miscellaneous Expense

Depreciation Expense

Insurance Expense
 NAME: SUBJECT: ACCTG 1 PAGE NO. 9 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:

UNADJUSTED TRIAL BALANCE FOR THE YEAR ENDED DEC. 31, 2021.

Acct. No. Account Titles Debit Credit

110 Cash
120 Accounts Receivable
130 Uniform Supplies
140 Prepaid Insurance
150 Land
160 Training Facilities
165 Accumulated Depreciation – TF
170 Training Equipment
175 Accumulated Depreciation – TE
180 Player Contracts
210 Notes Payable
220 Accounts Payable
230 Mortgage Payable
310 Fabella, Capital
320 Fabella, Withdrawals
410 Game Attendance Revenues
510 Salaries Expense
520 Advertising Expense
530 Travel Expense
540 Laundry Expense
550 Medical Expense
560 Utilities Expense
570 Miscellaneous Expense
580 Depreciation Expense
590 Insurance Expense
Totals

ADJUSTING JOURNAL ENTRIES: (Omit explanation.)

Date/ 2021 Account Titles Debit Credit
 NAME: SUBJECT: ACCTG 1 PAGE NO. 10 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:
WORKSHEET
Account No. Account Title Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
110 Cash
120 Accounts Receivable
130 Uniform Supplies
140 Prepaid Insurance
150 Land
160 Training Facilities
165 Accumulated Depreciation - TF
170 Training Equipment
175 Accumulated Depreciation - TE
180 Player Contracts
210 Notes Payable
220 Accounts Payable
230 Mortgage Payable
310 Fabella, Capital
320 Fabella, Withdrawals
410 Game Attendance Revenues
510 Salaries Expense
520 Advertising Expense
530 Travel Expense
540 Laundry Expense
550 Medical Expense
560 Utilities Expense
570 Miscellaneous Expense
580 Depreciation Expense
590 Insurance Expense
TOTAL
NAME: SUBJECT: ACCTG 1 PAGE NO. 11 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:

INCOME STATEMENT

STATEMENT OF CHANGES IN EQUITY

NAME: SUBJECT: ACCTG 1 PAGE NO. 12 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:

BALANCE SHEET
 NAME: SUBJECT: ACCTG 1 PAGE NO. 13 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:

CLOSING JOURNAL ENTRIES

Date/ 2021 Account Titles Debit Credit
NAME: SUBJECT: ACCTG 1 PAGE NO. 14 of 14
ID NO.: INSTRUCTOR: Rosemarie P. Duhaylungsod COURSE AND YEAR:

POST CLOSING TRIAL BALANCE

Acct. No. Account Titles Debit Credit
110 Cash
120 Accounts Receivable
130 Uniform Supplies
140 Prepaid Insurance
150 Land
160 Training Facilities
165 Accumulated Depreciation – TF
170 Training Equipment
175 Accumulated Depreciation – TE
180 Player Contracts
210 Notes Payable
220 Accounts Payable
230 Mortgage Payable
310 Fabella, Capital
Totals

Don’t fear a problem. Solve it!