A board, two dice, tokens, $32$ houses, $12$ hotels, chance cards, community chest cards, play money, title deed for each property.

Before the game begins, the bank places $$250$ in FREE PARKING. If someone lands on free parking the bank will replenish free parking with $$250.$

Get out of jail $$50$ payment will go to the bank.

When someone lands on your property use Rent Revenue.

Community Chest get out of jail $$50$ payment.

Use the prepaid income tax account title for and the interest expense account title for.

Your company should maintain a transaction log during the game.

Take a loan from the bank to continue the game. You are not allowed to quit because of bankruptcy.

Play two years; each year will consist of $24$ transactions.

Year $1$

Distribute $$1,500$ cash to each player.

Distribute one property deed to each player.

Choose token.

Record $24$ transactions.

On the last day of the year $1,$ the bank agrees to loan you $$200.$ This is a long$-$term note and should remain outstanding throughout the rest of the game.

For year $1,$ you owe $$70$ in income taxes that will be paid next year, unless you have already landed on $$INCOME TAX PAY $10\%$ OR $$200.$

Prepare journal entries from your transaction list that involve cash transactions.

Prepare T$-$accounts.

Prepare a worksheet with Trial Balance, Adjusting Entries, Income Statement, and Balance Sheet. Determine your net income or net loss.

Adjusting entry $$ Depreciation: Buildings

Use $5-$year straight$-$line method.

Accumulated depreciation contra account.

Adjusting entry $$ Depreciation: Railroads or utilities if owned

For each railroad or utility owned take $$20$ annual depreciation expense.

Closing entries

Carry forward all Asset, Liability, and Equity balances to next year$$s T$-$accounts.

Create your formal financial statements, Income Statement, Owner$$s Equity, and Balance Sheet for year $1.$

Year $2$

Pay year $1$ income taxes if applicable.

At the beginning of year $2,$ you inherit a house. Relocate the house to the property of your choice.

Play the game until you reach $24$ transactions.

Prepare journal entries from your transaction list that involve cash transactions.

Prepare T$-$accounts.

Prepare a worksheet with Trial Balance, Adjusting Entries, Income Statement, and Balance Sheet. Determine your net income or net loss.

Adjusting Entry

You will have $10\%$ interest on mortgage loans.

You will have $15\%$ interest on other loans.

You owe $$150$ in income taxes.

Calculate $5-$year straight line depreciation on buildings owned.

For each railroad or utility owned take $$20$ annual depreciation expense.

Closing entries

Create your formal financial statements, Income Statement, Owner$$s Equity, and Balance Sheet for year $2.$

Chart of Accounts

Assets

Cash

Accounts Receivables

Get out of jail receivable

Land

Investments $$ Railroad

Investments $$ Utilities

Buildings

Accumulated Depreciation$-$Building

Accumulated Depreciation$-$Railroad

Accumulated Depreciation$-$Utilities

Other assets as needed.

Liabilities

Taxes Payable

Interest Payable

Mortgage Payable

Owner$$s Equity

Your Name, Capital

Revenue

Professional Fee Revenue

Rent Revenue

Investment Revenue$-$Railroad

Investment Revenue$-$Utilities

Miscellaneous Revenue

Gain on Disposal of Property

Expenses

Rent Expense

Interest Expense

Tax Expense

Depreciation Expense

Miscellaneous Expense

Loss on Disposal of Propert