hello, i need help recording these transactions into the proper financial statements. These jouranl entries must be posted to a blanace sheet, income statement, trial balance, t-accounts, and statement of changes in players equity. please help me set these up and if need be i can post these all in seperate questions. thanks!
+ 1. After all transactions have been recorded. Setup T accounts and post the transactions. 2. Obtain balances in each account and prepare a trial balance. 3. From the trial balance prepare a Balance Sheet, Income Statement and Statement of Player's Equity in good form. 4. Submit your working papers in the following order: a. Cover sheet indicating your name (provided) b. Instruction sheet provided c. Chart of accounts provided d. Journal entries e. T accounts f. Trial Balance g. Balance Sheet h. Income Statement i. Statement of Changes in Player's Equity Date or # Account Titles and Explanation P.R. Debit Debit Credit Cash 1 s 200 Players elvity Property title deed Cash Rent expense Cash (Paid rail Road) Rent expense cash (paid rent Ave) in Investments in Railroad - Cash Investment in uti flies Cash water works) cash - misc Income Investments in Railroads cash (Bought 2 of Sams RR) cash Salary income 150 400 20 T GO spot LOO - Rental income Clanded on my RR) cash Rental income landed on my RR Account Titles and Explanation Debit Credit or # 12 150 ISO 20 20 Invest in utilities - Cash Bought complete electric) Rent expense cash- Cillinois Ave Cash life insurance Proceds (community chest cash Rental Income ( Rail Bords) 100 100 IS loo 40 Rental income 40 Rent expense cash (Boardwalk Ave) 206 20 cash Rental wome Raul Rond) 120 (connecticut Ave) cash 100 : - Rental income - Rail Road) Property tilte deed cash - virgina Ave 2 160 160 Date Account Titles and Explanation P.R. Debit Credit Cash Rental 160 income 100 Rail Road) 200 Salary expense 2.00 140 00 Cash property the expense Cash Property title deed - cash Mediterranean Ave) Cash Rental exp Rail Road Rail Road invest. Joo 100 loo 1400 Coo - Ave) Rental exnense cash North Carolina Cash Salary ex. Houses Cash I 200 200 200 L. Cash Rentex. L Cash 00 Rentex Houses ash 200 200 pate # 1 Entries Debit I credit 32 22 Rent ex Cash 22 33 Cash so misc. Income 10 15 15 15 Journal entries prepared in proper form T-accounts posted and balances taken Trial balance prepared in proper form Balance Sheet Income Statement Statement of Changes in Player's Equity 15 MONOPOLY PROJECT CHART OF ACCOUNTS Normal Balance Account Title Account Number ASSETS 101 120 130 140 150 Cash Investment in Railroads Investment in Utilities Property Title Deeds Houses Hotels Debit Debit Debit Debit Debit Debit Mortgage Payable Notes Payable Credit Credit LIABILITIES 201 210 EQUITY 301 305 Player's Capital Player's Withdrawals Credit Debit REVENUES 401 405 410 415 Salary Income Rental Income Dividend Income Inheritance Proceeds Life Insurance Proceeds Miscellaneous Income Credit Credit Credit Credit Credit Credit 425 EXPENSES 501 505 510 515 520 525 530 535 540 Rent Expense Income Tax Expense School Tax Expense Poor Tax Expense Luxury Tax Expense General Repairs Expense Street Repairs Expense Hospital Expense Doctor's Fee Expense Jail Fee Expense Miscellaneous Expense Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit 550
