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MONOPOLY T 210 During this week we are going to "play Monopoly". Hopefully most of you are familiar with the game of Monopoly but if not that is ok. You will be given a list of transactions below and you then need to follow the directions step by step and use the forms that are provided to you to complete your project. There is a copy of a Monopoly board at the end of this document for you to reference if necessary. Also included for you to use: List of account names Journal paper for journal entries, adjusting entries and closing entries Sample ledger format Depreciation schedule The journal paper and the sample ledger format are in a separate document. Both a PDF and a Word document have been provided for you to use. Use whichever one is easiest to access Copy these formats as necessary. Directions: Follow the steps below to guide you in completing this project. You should use either a word processor or a spreadsheet to complete this work. Be sure your work is in good format. You will then "drop" your results in the D2L dropbox by the designated due date. 1) Prepare journal entries for all of your transactions. Choose account titles from the list provided. Use the general journal paper that has been provided. Copy this format as required. The transactions are listed at the end of these directions-they are transactions that have occurred while playing the game. a. Your first journal entry is to start your business: Debit CASH.. Credit YOUR NAME, CAPITAL... .1500 1500 2) Prepare general ledger. This is where you post all of your journal entries to the ledger and calculate balances for each of your accounts. 3) Prepare a trial balance. Be sure it balances. Be sure you have the correct heading on your statement. Make up a company name. 4) Prepare any adjusting entries that you might need - assume that the game time you played is equal to one year. Reference the depreciation schedule below: a. Depreciation is required for Railroads and Utilities. Assume the following useful lives: i. Railroads=25 years ii. Utilities= 10 years b. Land is NOT DEPRECIATED. S) Update your general ledger accounts to get your new balances by posting the adjusting entries. 6) Prepare an adjusted trial balance. Be sure it balances. Be sure you have the correct heading on your statement. 7) Prepare your financial statements. You are required to prepare the following in good format with headings and proper dates. (You can make up the date to use but the format needs to be correct.) a. Income Statement b. Owner's Equity Statement C Balance Sheet 8) Prepare closing entries 9) Post the closing entries to the ledger accounts and update your balances. 10) Prepare a post closing trial balance. Be sure it balances. Be sure you have the correct heading on your statement. 11) Make sure everything is in good format and "drop your document (s) in the D2L dropbox. Account Names: Property Tax Expense Railroads Rental Houses Accounts Receivable Accounts Payable Accumulated Depreciation, Hotels Accumulated Depreciation, Rental Houses Accumulated Depreciation, Railroads Accumulated Depreciation, Utilities Rent Expense Rent Revenue Service Revenue use when you pass go Transportation Revenue Transportation Expense Utility Company Utilities Expense Utilities Reveniue Cash Depreciation Expense Gain on Sale of Property Hotels Income Tax Expense Interest Expense Your name, Capital Interest Payable Land Legal Expenses Loss on Sale of Property Luxury Tax Expense Miscellaneous Expense Miscellaneous Revenue Mortgage Notes Payable Monopoly Transactions These are the transactions that occurred when you "played" Monopoly. Use these transactions to complete the requirements noted above. 1) Started the business by investing $1,500 into the business. 2) Purchased Electric Company for $150. 3) Purchased illinois for $240 4) Purchased North Carolina for $300. 5) Purchased Short Line Railroad for $200. 6) Purchased Boardwalk for $400. 7) Passed Go and collected $200 (Hint.... SERVICE REVENUE) 8) Purchased Baltic for $60. 9) Purchased St. James for $180. 10) Paid $20 rent. 11) Paid $50 doctor's fee. 12) Passed Go and collected $200. 13) Paid $10 rent. 14) Received $20 rent 15) Paid $15 rent. Ending cash $295. ogoroM Monopoly Game board: Colored property Land Railroads include: Reading, Pennsylvania, B&O and Short Line Utilities include: Electric Company and Water Works Go To Jail Marvin Kentucky Water Atlantic Ventnor Indiana Ilinois B&O Chance Free Gardens Works Avenue RR Avenue Avenue Avenue Parking Avenue Pacific New York Avenue Avenue North Tennessee Carollna Avenue Avenue Community Chest Community Chest Pennsylvania St. James Avenue Monopoly Place Short Line Pennsylvania RR RR Chance Virginia Avenue Park Place States Avenue Luxury Electric Tax Company St. Charles Boardwalk Place Community Mediterranean GO Baltic Income Oriental Reading Chance Vermont Connecticut JAIL Chest Avenue Avenue RR Avenue Avenue Avenue MONOPOLY T 210 During this week we are going to "play Monopoly". Hopefully most of you are familiar with the game of Monopoly but if not that is ok. You will be given a list of transactions below and you then need to follow the directions step by step and use the forms that are provided to you to complete your project. There is a copy of a Monopoly board at the end of this document for you to reference if necessary. Also included for you to use: List of account names Journal paper for journal entries, adjusting entries and closing entries Sample ledger format Depreciation schedule The journal paper and the sample ledger format are in a separate document. Both a PDF and a Word document have been provided for you to use. Use whichever one is easiest to access Copy these formats as necessary. Directions: Follow the steps below to guide you in completing this project. You should use either a word processor or a spreadsheet to complete this work. Be sure your work is in good format. You will then "drop" your results in the D2L dropbox by the designated due date. 1) Prepare journal entries for all of your transactions. Choose account titles from the list provided. Use the general journal paper that has been provided. Copy this format as required. The transactions are listed at the end of these directions-they are transactions that have occurred while playing the game. a. Your first journal entry is to start your business: Debit CASH.. Credit YOUR NAME, CAPITAL... .1500 1500 2) Prepare general ledger. This is where you post all of your journal entries to the ledger and calculate balances for each of your accounts. 3) Prepare a trial balance. Be sure it balances. Be sure you have the correct heading on your statement. Make up a company name. 4) Prepare any adjusting entries that you might need - assume that the game time you played is equal to one year. Reference the depreciation schedule below: a. Depreciation is required for Railroads and Utilities. Assume the following useful lives: i. Railroads=25 years ii. Utilities= 10 years b. Land is NOT DEPRECIATED. S) Update your general ledger accounts to get your new balances by posting the adjusting entries. 6) Prepare an adjusted trial balance. Be sure it balances. Be sure you have the correct heading on your statement. 7) Prepare your financial statements. You are required to prepare the following in good format with headings and proper dates. (You can make up the date to use but the format needs to be correct.) a. Income Statement b. Owner's Equity Statement C Balance Sheet 8) Prepare closing entries 9) Post the closing entries to the ledger accounts and update your balances. 10) Prepare a post closing trial balance. Be sure it balances. Be sure you have the correct heading on your statement. 11) Make sure everything is in good format and "drop your document (s) in the D2L dropbox. Account Names: Property Tax Expense Railroads Rental Houses Accounts Receivable Accounts Payable Accumulated Depreciation, Hotels Accumulated Depreciation, Rental Houses Accumulated Depreciation, Railroads Accumulated Depreciation, Utilities Rent Expense Rent Revenue Service Revenue use when you pass go Transportation Revenue Transportation Expense Utility Company Utilities Expense Utilities Reveniue Cash Depreciation Expense Gain on Sale of Property Hotels Income Tax Expense Interest Expense Your name, Capital Interest Payable Land Legal Expenses Loss on Sale of Property Luxury Tax Expense Miscellaneous Expense Miscellaneous Revenue Mortgage Notes Payable Monopoly Transactions These are the transactions that occurred when you "played" Monopoly. Use these transactions to complete the requirements noted above. 1) Started the business by investing $1,500 into the business. 2) Purchased Electric Company for $150. 3) Purchased illinois for $240 4) Purchased North Carolina for $300. 5) Purchased Short Line Railroad for $200. 6) Purchased Boardwalk for $400. 7) Passed Go and collected $200 (Hint.... SERVICE REVENUE) 8) Purchased Baltic for $60. 9) Purchased St. James for $180. 10) Paid $20 rent. 11) Paid $50 doctor's fee. 12) Passed Go and collected $200. 13) Paid $10 rent. 14) Received $20 rent 15) Paid $15 rent. Ending cash $295. ogoroM Monopoly Game board: Colored property Land Railroads include: Reading, Pennsylvania, B&O and Short Line Utilities include: Electric Company and Water Works Go To Jail Marvin Kentucky Water Atlantic Ventnor Indiana Ilinois B&O Chance Free Gardens Works Avenue RR Avenue Avenue Avenue Parking Avenue Pacific New York Avenue Avenue North Tennessee Carollna Avenue Avenue Community Chest Community Chest Pennsylvania St. James Avenue Monopoly Place Short Line Pennsylvania RR RR Chance Virginia Avenue Park Place States Avenue Luxury Electric Tax Company St. Charles Boardwalk Place Community Mediterranean GO Baltic Income Oriental Reading Chance Vermont Connecticut JAIL Chest Avenue Avenue RR Avenue Avenue Avenue

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