Problem #14

Jose Rizal Heavy Bombers

Journal Entries
December 31, 2022
Date   Debit Credit

Dec. 1, 2022 Player Contracts P 1,875,000  

  Cash   P 22,500,000
  Notes Payable   1,650,000
       

Dec. 2, 2022 Cash 2,809,500  

  Accounts Payable   2,809,500
       
3 Accounts Payable 1,657,500  
  Cash   1,657,500
       
4 Advertising Expense 78,600  
  Cash   78,600
       
5 Uniform Supplies 30,750  
  Accounts Payable   30,750
       
9 Accounts Receivable 320,250  
  Game Attendance Revenue   320,250
       
10 Note Payable 600,000  
  Cash   600,000
       
11 Prepaid Insurance 215,250  
      215,250
       
12 Training Equipment 319,500  
  Accounts Payable   319,500
       
15 Salaries Expense 1,136,250  
  Cash   1,136,250
       
17 Cash 3,316,050  
      3,316,050
       
19 Travel Expense 558,000  
  Cash   558,000
       
20 Laundry Expense 12,600  
  Cash   12,600
       
23 Accounts Payable 941,850  
  Cash   941,850
       
25 Miscellaneous Expense 26,850  
  Cash   26,850
       
26 Medical Expense 18,900  
  Cash   18,900
       
27 Utilities Expense 210,450  
  Cash   210,450
       
28 Salaries Expense 1,240,650  
  Cash   1,240,650
       
 30 Fabella, Withdrawal 250,000  
  Cash   250,000

Jose Rizal Heavy Bombers

Trial Balance
December 31,2022
Account No. Account Titles Debit Credit
110 Cash P 83,450
120 Accounts Receivable 1,223,250  
130 Uniform Supplies 61,800
140 Prepaid Insurance 215,250  
150 Land 2,025,000
160 Training Facilities 12,750,000  
170 Training Equipment 2,944,500
180 Player Contracts 13,125,000  
210 Notes Payables P 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 Revenue   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 Expenses 213,450
560 Utilities Expense 1,944,450  
570 Miscellaneous Expense 157,350
  Totals P 47,230,950 P 47,230,950
 Jose Rizal Heavy Bombers
Income Statement
December 31, 2022
Game Attendance Revenue P 13,761,300
   
Operating Expense  
Salaries Expense P 7,251,901
Advertising Expense 479,550
Travel Expense 2,090,400
Laundry Expense 540,600
Medical Expense 213,450
Utilities Expense 1,944,450
Miscellaneous Expense 157,350
Total Operating Expenses 12,677,701
Net Income P 1,083,599

Statement of Changes in Equity

Owner's Equity at Nov. 30, 2022 P 17,643,750
Add: Game Attendance Revenue 13,761,300
Net Income P 31,405,050
Less: Fabella, Withdrawals 2,125,000
Owner's Equity at Dec. 31, 2022 P 29,280,050
Problem #17
 Davao Duplicators
Corrected Trial Balance
June 30, 2022
Cash P 34,800
Accounts Receivable 142,800  
Supplies 70,800
Equipment 560,000  
Accounts Payable P 15,800
Brilliantes, Capital   513,000
Brilliantes, Drawings 50,000 Multiple Choice 3-24
Revenues   379,200 1. B.
Salaries Expense 35,000 2. A.
3. D.
Rent Expense 10,000  
4. C.
Utilities Expense 4,600 5. D.
6. A.
Totals P 908,000 P 908,000
7. A.
8. A.
9. A.
10. B.
Multiple Choice 3-26
1. A.
2. B.
3. A.
4. C.
5. A.
 6. C.
7. C.
8. A.
9. B.
10. C.
11. D.
12. B.
13. B.
14. A.
15. B.
16. D.
17. B.
18. D.
19. C.
20. B.
21. C.

Problem #10
Vincent Boron Delivery Service
Journal Entries
As of May 2023
Date Account Name Debit Credit
May 3, 2023 Advertising Expense 18,500
  Accounts Payable   18,500

6 Supplies Expense 8,800  

Accounts Payable 8,800
       
15 Office Equipment 52,500
  Cash   52,500

17 Cash 61,800  
Accounts Receivable 61,800
       
22 Accounts Payable 8,500
  Repair Expense   8,500

26 Accounts Payable 8,800  

Cash 8,800
       
29 Salaries Expense 21,000
  Cash   21,000

30 Cash 39,000  
Delivery Revenues 39,000
       
31 Gas and Oil Expense 12,500
  Cash   12,500

31 Accounts Receivable 45,000  

Delivery Revenues 45,000
       
31 Boron, Withdrawals 14,500
  Cash   14,500