I need help creating an Avvounting cycle

1/3 Accounting Cycle Monopoly @ Project If you know nothing about the board game of Monopoly, please familiarize yourself with the basic aspects of the game before going further. For purposes of this project, you should assume that someone played the game for you. While playing, the person assumed they were a corporation in business to accomplish two things: a) buy property and build houses (earning Rent Revenue when others land on the corporation's property); and b) manage properties for others (earning Management Fee Revenue). By now you have either already received or will be receiving soon, a list of transactions from someone who played an actual game for you. Every student will have their own unique set of transactions. The project must be completed individually using your unique set of data. Working together is prohibited and is considered academic dishonesty. INSTRUCTIONS: Everyone's first step is to record your transactional journal entries into an Excel spreadsheet. After that, your assignment is to complete an entire accounting cycle FOR THE QUARTER ENDED WEEK 13 using your unique set of journal entries. (If you do not remember the steps in the accounting cycle, please refer to your text or any financial accounting text!). The project must be completed using Excel. THE GRADING RUBRIC INDICATES ALL REQUIRED COMPONENTS OF THE FINAL PROJECT-PLEASE READ IT. How you choose to present, arrange, and labe the data within the file is up to you. However, the rules for using Excel that we discussed for the budgeting project must be followed. Keep in mind that part of your grade will be based upon your presentation of the material according to the rubric. as well as the proper use of Excel. This project is intended to simulate a real life work place environment and as such, it is up to you to analyze the instructions and grading rubric, evaluate what is needed, and synthesize your knowledge to successfully meet the requirements of the project. For instance, the grading rubric states that you need to prepare a complete set of financial statements. You need to know, or find out, which financial statements you should prepare and where in the accounting cycle that step should occur! Therefore, you will not be receiving any step by step instructions from us; however, feel free to ask for clarification of any information on this project handout or on the grading rubric. You are also encouraged to use your Connect and ALEKS resources as needed, including previous and current assignments. ASSSUMPTIONS Mechanics: a) All transactions occur on Monday of each week. One quarter is 13 weeks. b) Cash must be reconciled at the end of week 4 and 13. If your cash on hand at the end of both of these weeks does not equal your cash per books, make entries to adjust your book balance to your actual cash balance. Use a cash short/over account.c) At the end of the 4" week only, pay and record a dividend to your stockholders of 10% of your cash on hand. d) Record ALL entries using proper general journal format, dated by week. Adjusting entries MUST include supporting calculations. Remember that you are using ACCRUAL ACCOUNTING and must make adjustments for certain items. (Also remember that adjusting entries never include an entry to cash.) Each time you have a transaction that included passing GO, you received $650 cash. a) Cash received the first time you passed GO should be considered a loan from the bank and be recorded as a Note Payable._The loan is a 6 month, 5% loan. Interest accrues starting with the week you received the loan. Note: Any interest due on loans will be paid in cash on the first day of the NEXT quarter (the quarter following the end of your 13-week quarter). b) Cash received any other time that you passed GO should be recorded as Unearned Management Fee Revenue._Fees are earned evenly over a 13 week period, starting with the week(s) you passed GO and received them. Investing in Property: Property: Property ownership usually leads to rent revenue. Landing on someone else's property leads to rent expense transactions. When recording railroad or utility properties. the total purchase price should be split between "Land" (20%) and "Equipment" (80%) Houses: Note that a house on a property increases the amount of rent revenue you earn. With every house that was purchased a one-year hazard insurance policy was also purchased. The cost of each policy was $52 for one year (52 weeks). Depreciation Information: Depreciation must be calculated to the nearest week. In other words, if you buy a house in week 5 and you are recording depreciation for the quarter, you would record 9 weeks of depreciation (week 5,6,7,8,9,10,1 1,12,13). Assume 52 weeks in a year. Use the following information to calculate depreciation: Asset Life Depreciation Method Salvage House 4 yr Straight-line 20% of cost RR Equip 5 yr Double declining balance 10% of cost Utility Equip 7 yr Double declining balance 10% of costJail: If a transaction was recorded that would have sent you to jail, a $100 fee was paid to the bank. Record this as "Legal Fee Expense." Free Parking: If a transaction landed you on "Free Parking", $250 cash was collected from the bank. Record this as "Gain on Lawsuit". Taxes: During the 13 weeks of game play. if a transactional entry requires any type of tax. payment. record it as "Miscellaneous Expense". At the end of the 13 weeks, calculate and accrue corporate income tax expense assuming the corporate tax rate is 25%. Hint: This should be your final adjusting journal entry. (If you have a net loss, calculate a tax credit and record it as a Deferred Tax Asset.)Week Transaction Received 53000 as contribution to the corporation Purchased v'entor Ave $250 Purchased Short Line Railroad {RR} $200 Purchased Oriental Ave $100 Pall:l rent on Electric companyu$120 Purchased house for Uentn or $150 and $52 for insurance Landed on Free Parking received 5250 Purchased house for 1|.I'entn or $150 and $52 insurance Purchased 3&0 RR 5200 Landed on go to jail; paid $1 Note: cash on hand before dividend $1354 Paid required cash dividend to stockholders Purchased house fo r {J rie ntal $50 and $52 insurance Purchased Park Place 5350 Purchased House for Park Place 5200 and $52 for insurance Received 5550 for passing "60" the rst time Paid $101] for Hospital FeesMedical Expense] Received Rent on ventnor 53m Purchased house on Park Place 5200 and 552 insurance