Accounting Cycle Monopoly:record each as a journal entry transaction.

Week Transaction

1 Received $3400 as contribution to the corporation

Purchased Ventnor Ave $260

Purchased Oriental Avenue $100

Purchased Water Works Utility $150

Purchased house for Ventnor $150 and paid $52 for insurance

2 Purchased Tennessee Ave $180

Purchased house for Tennessee $100 and paid $52 for insurance

Received $110 in Rent for Ventnor Ave

3 Purchased North Carolina Ave $300

Purchased house for North Carolina $200 and paid $52 for insurance

Purchased B&O Railroad $200

4 Received $130 in Rent for North Carolina Ave

Collected $650 from passing go the first time (Note Payable - loan from the bank)

Purchased house for Tennessee $100 and paid $52 for insurance

NOTE: Cash on hand before dividend payment is $2,347

Paid required dividend to stockholders (10% of cash on hand)

5 Received $200 in Rent for Tennessee Ave

Purchased house for Ventnor $150 and paid $52 for insurance

6 Received $6 in rent for Oriental Ave

Paid $200 for rent on St James Place

Purchased house for North Carolina $200 and paid $52 for insurance

7 Purchased Illinois Ave for $240

8 Collected $25 rent for B&O Railroad

9 Received $100 (Gain from Lawsuit)

Collect $390 rent for North Carolina Ave

10 Collected $650 for passing go the second time (Unearned Management Fee Revenue)

Collected $25 rent for B&O Railroad

Purchased house for Illinois for $150 and paid $52 for insurance

11 Paid $10 rent on States Ave

12 Collect $390 rent for North Carolina Ave

Pay $50 doctor fee (Medical Expense)

13 Collected $200 rent for Tennessee Ave

Collected $50 from another player (Miscellaneous Revenue)

NOTE: Cash on hand at end of game is $3,087

P.s Assume the game time is quarterly. Cash must be reconciled at the end of week 4 and 13. Use a cash short/over account if is needed. Railroad or Utilities total price should be split Land 20% and Equipment 80%. The insurance policy cost $52 for one year (52 weeks).