ACCOUNTING MONOPOLY ASSIGNMENT

I need general journal, ledger, trial balance, income statement, and balance sheet.

please send answers on a google sheets!!

Accounting Monopoly Assignment Purpose: Monopoly mirrors the business world and teaches us accounting - the object of this project is to try to make more money than your competitors and keep it. Monopoly will allow you to practise keeping track of where and how much money is coming in and going out. This inclass assignment is due on November 15. We will be playing Monopoly for 2 periods and 1 period to post your transactions to the ledger and prepare your trial balance, Procedure: Maintain your own Journal entries as the game is played. You do not need to keep a log of the other players. The Journal should give a descriptive listing of anything that had a financial impact on your company. Most of your transactions will occur during your turn (buying land or paying rent), but some like receiving rent will occur during another player's turn. Example of transactions: - Possed Go - \$200 (Debit Bank, Credit Fees Earned) - Bought Virginia Avenue for $160 (Debit Land, Credit Bank) - Bought house for St. James Place for $100 (Debit Building. Credit Bank) - Paid rent on Atlantic Avenue $100 (Debit Rent Expense, Credit Bank) - Chance card: pay general repairs on Houses \$225 (Debit Housing Repairs, Credit Bank) To fit the game into more of a business context note the following: 1. The $200 you will receive each time you poss "GO" is considered to be a fee received for professional services; example: Fees Earned. 2. Any amounts received from Chance or Community Chest should be considered as Other Revenue or Other Expenses. During the game, you will: "Record opening balance journal entry: $1500 cash (Debit Bank, Credit Your Name, Capital) *Record each transaction in your journal. Include a description that indicates the transaction, the amount in the journal entry *Post entries to the General Ledger at the end of the day played. *Prepare a trial balance * Prepare an Income Statement and a Balance Sheet * Submit your journal, ledger, and trial balance, income statement, and balance sheet to the Google Classroom. 1 1 Record the joumal entries. 2 Set up the ledger using the Chart of Accounts. The accounts in the ledger will be in the same order as the Chart of Accounts. 3 Record the opening balances in the ledger. 4 Post the joumal entries to the ledger. 5 Do an equality check to ensure that the debits equal credits in the ledger. Add all the debits in one column. Add all of the credits in another column. The totals of both columns should be equal. If not, there is an error. Income Statement Week ending November 14 th $1500 Payed $200 income tax Payed each player $50 Payed $50 Got \$200 from go Bought mediterranean ave for $60 Got payed $2 rent Payed $200 income tax Payed school tax of $150 Bought B. \& O. Railroad for $200 Collected $100 for life insurance Got \$200 from go Payed $120 for rent Payed ST James place \$14 for rent Bought Indiana Ave. for $220 Got \$200 from go Bought Boardwalk for $400 Cash: $189 Properties: 4 Payed rent $12 to Virginia Ave. Got paid $25 for rent. Paid $20 rent for Illinois Ave. Got paid $50 rent for boardwalk. Got $10 from each player be it's my bday (d bank, c fees earned miscellaneous credit) Paid rent $12 for Virginia Abe. Got payed $25 for rent on bo Payed $25 for rent on train Got payed $25 for rent Got payed $2 for rent Got \$200 from go Payed \$4 rent Payed $10 for bday Got \$200 from go Payed bank $15 Bought Pennsylvania railroad for $200 Got paid $50 for rent Payed $28 rent Got payed $18 tax Cash: $490 Properties: 5 Accounting Monopoly Assignment Purpose: Monopoly mirrors the business world and teaches us accounting - the object of this project is to try to make more money than your competitors and keep it. Monopoly will allow you to practise keeping track of where and how much money is coming in and going out. This inclass assignment is due on November 15. We will be playing Monopoly for 2 periods and 1 period to post your transactions to the ledger and prepare your trial balance, Procedure: Maintain your own Journal entries as the game is played. You do not need to keep a log of the other players. The Journal should give a descriptive listing of anything that had a financial impact on your company. Most of your transactions will occur during your turn (buying land or paying rent), but some like receiving rent will occur during another player's turn. Example of transactions: - Possed Go - \$200 (Debit Bank, Credit Fees Earned) - Bought Virginia Avenue for $160 (Debit Land, Credit Bank) - Bought house for St. James Place for $100 (Debit Building. Credit Bank) - Paid rent on Atlantic Avenue $100 (Debit Rent Expense, Credit Bank) - Chance card: pay general repairs on Houses \$225 (Debit Housing Repairs, Credit Bank) To fit the game into more of a business context note the following: 1. The $200 you will receive each time you poss "GO" is considered to be a fee received for professional services; example: Fees Earned. 2. Any amounts received from Chance or Community Chest should be considered as Other Revenue or Other Expenses. During the game, you will: "Record opening balance journal entry: $1500 cash (Debit Bank, Credit Your Name, Capital) *Record each transaction in your journal. Include a description that indicates the transaction, the amount in the journal entry *Post entries to the General Ledger at the end of the day played. *Prepare a trial balance * Prepare an Income Statement and a Balance Sheet * Submit your journal, ledger, and trial balance, income statement, and balance sheet to the Google Classroom. 1 1 Record the joumal entries. 2 Set up the ledger using the Chart of Accounts. The accounts in the ledger will be in the same order as the Chart of Accounts. 3 Record the opening balances in the ledger. 4 Post the joumal entries to the ledger. 5 Do an equality check to ensure that the debits equal credits in the ledger. Add all the debits in one column. Add all of the credits in another column. The totals of both columns should be equal. If not, there is an error. Income Statement Week ending November 14 th $1500 Payed $200 income tax Payed each player $50 Payed $50 Got \$200 from go Bought mediterranean ave for $60 Got payed $2 rent Payed $200 income tax Payed school tax of $150 Bought B. \& O. Railroad for $200 Collected $100 for life insurance Got \$200 from go Payed $120 for rent Payed ST James place \$14 for rent Bought Indiana Ave. for $220 Got \$200 from go Bought Boardwalk for $400 Cash: $189 Properties: 4 Payed rent $12 to Virginia Ave. Got paid $25 for rent. Paid $20 rent for Illinois Ave. Got paid $50 rent for boardwalk. Got $10 from each player be it's my bday (d bank, c fees earned miscellaneous credit) Paid rent $12 for Virginia Abe. Got payed $25 for rent on bo Payed $25 for rent on train Got payed $25 for rent Got payed $2 for rent Got \$200 from go Payed \$4 rent Payed $10 for bday Got \$200 from go Payed bank $15 Bought Pennsylvania railroad for $200 Got paid $50 for rent Payed $28 rent Got payed $18 tax Cash: $490 Properties: 5