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Journal Entries have been prepared. Not sure if I entered the T accounts correctly With the given details, please I need help completing the following:
Journal Entries have been prepared.
Not sure if I entered the T accounts correctly
With the given details, please I need help completing the following:
T-accounts
Income summary
Unadjusted Trial Balance
Adjusted Trial Balance
Income Statement
Retained Earnings Statement
Balance Sheet
Statement of Cash Flows
The following transactions below are recorded from a monopoly game. For this game, we must present T-accounts, Income summary, Unadjusted Trial Balance, Adjusted Trial Balance, Income Statement, Retained Earnings Statement, Balance Sheet, and Statement of Cash Flows from the journal entries recorded during the game. Please help. Thank you.
TURN CREDIT GENERAL JOURNAL DESCRIPTION Cash Common Stock Issued Common Stock to Jane 1 REF 100 300 DEBIT 1500 1500 2 120 Land - Connecticut Ave. Cash Purchased Connecticut Ave. 140 100 120 3 8 Cash Rent Revenue Collected cash for rent 100 400 8 4 160 Land - Virginia Ave. Cash Purchased Virginia Ave. 140 100 160 5 200 Land - New York Ave. Cash Purchased New York Ave. 140 100 200 CO 150 Utilities - Water works Cash Purchased Water works 130 100 150 7 24 Cash Rent Revenue Collected cash for rent 100 400 24 8 Rent Expense 50 500 100 Cash 50 Paid $50 for rent 9 Cash 200 100 410 Consulting Revenue 200 Passed go 50 10 Land - Mediterranean Ave. Cash Purchased Mediterranean Ave. 140 100 60 . 11 Cash 16 100 400 Rent Revenue 16 Collected cash for rent ACCT 200 Monopoly Project | Page 9 DEBIT CREDIT TURN 12 DESCRIPTION Rent Expense GENERAL JOURNAL REF 500 100 6 Cash 6 Paid $6 for rent 13 Cash 16 100 400 Rent Revenue 16 Collected cash for rent 14 Cash 36 100 400 Rent Revenue 36 Collected cash for rent 15 Rent Expense 14 500 100 Cash 14 Paid $14 for rent 16 Utilities - B&O Railroad 200 130 100 Cash 200 Purchased B&O Railroad ASSETS LIABILITIES EQUITY + + Mortgage Payable Common Stock 1500(1) Cash (1)1500 (3) 8 120 (2) (7) 24 160 (4) (9) 200 200 (5) (11) 16 150 (6) (13) 16 50 (8) (14) 36 60 (10) Interest Payable Retained Earnings 6 (12) 14 (15) 200 (16) 24 (17) 100 (18) 20 (19) Income Tax Payable I Rent Revenue 8 (3) 24 (7) 16 (11) 16 (13) 36 (14) Property Tax Payable Other Payables Consulting Revenue 200 (9) Accounts Receivable Utility & Railway Revenue Investments - Railroad (16) 200 ACCT 200 Monopoly Project | Page 14 Investments - Utilities Interest Revenue (6) 150 Miscellaneous Revenue Land (2)120 120 (19) (4) 160 (5) 200 (10) 60 (19) 190 Gain on Sale of Property 50 (19) Rent Expense Buildings - Houses (18) 100 (8) 50 (12) 6 (15) 14 (17) 24 Accum. Deprec. - Houses Income Summary ACCT 200 Monopoly Project | Page 16 Company: Unadjusted Trial Balance December 31, 20Y1 Debit Account Credit Company: Adjusted Trial Balance December 31, 20Y1 Debit Account Credit Company: Income Statement For the Year Ended 12/31/1 REVENUES & GAINS Total Revenues & Gains EXPENSES & LOSSES Total Expenses & Losses Net Income Before Taxes Income Tax Expense NET INCOME Company: Retained Earnings Statement For the Year Ended 12/31/1 Retained Earnings, Beginning Balance $0 Retained Earnings, Ending Balance Company Balance Sheet December 31, 20Y1 ASSETS TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities TOTAL LIABILITIES Stockholders' Equity TOTAL STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Company: Statement of Cash Flows - Direct Method For the Year Ended 12/31/Y1 CASH FLOWS FROM OPERATING ACTIVITES Total Cash Flows From Operating Activities CASH FLOWS FROM INVESTING ACTIVITES Total Cash Flows From Investing Activities CASH FLOWS FROM FINANCING ACTIVITES Total Cash Flows From Operating Activities CASH FLOWS FROM INVESTING ACTIVITES Total Cash Flows From Investing Activities CASH FLOWS FROM FINANCING ACTIVITES Total Cash Flows From Financing Activities NET CHANGE IN CASH Cash at the beginning of the period Cash at the end of the period $0 TURN CREDIT GENERAL JOURNAL DESCRIPTION Cash Common Stock Issued Common Stock to Jane 1 REF 100 300 DEBIT 1500 1500 2 120 Land - Connecticut Ave. Cash Purchased Connecticut Ave. 140 100 120 3 8 Cash Rent Revenue Collected cash for rent 100 400 8 4 160 Land - Virginia Ave. Cash Purchased Virginia Ave. 140 100 160 5 200 Land - New York Ave. Cash Purchased New York Ave. 140 100 200 CO 150 Utilities - Water works Cash Purchased Water works 130 100 150 7 24 Cash Rent Revenue Collected cash for rent 100 400 24 8 Rent Expense 50 500 100 Cash 50 Paid $50 for rent 9 Cash 200 100 410 Consulting Revenue 200 Passed go 50 10 Land - Mediterranean Ave. Cash Purchased Mediterranean Ave. 140 100 60 . 11 Cash 16 100 400 Rent Revenue 16 Collected cash for rent ACCT 200 Monopoly Project | Page 9 DEBIT CREDIT TURN 12 DESCRIPTION Rent Expense GENERAL JOURNAL REF 500 100 6 Cash 6 Paid $6 for rent 13 Cash 16 100 400 Rent Revenue 16 Collected cash for rent 14 Cash 36 100 400 Rent Revenue 36 Collected cash for rent 15 Rent Expense 14 500 100 Cash 14 Paid $14 for rent 16 Utilities - B&O Railroad 200 130 100 Cash 200 Purchased B&O Railroad ASSETS LIABILITIES EQUITY + + Mortgage Payable Common Stock 1500(1) Cash (1)1500 (3) 8 120 (2) (7) 24 160 (4) (9) 200 200 (5) (11) 16 150 (6) (13) 16 50 (8) (14) 36 60 (10) Interest Payable Retained Earnings 6 (12) 14 (15) 200 (16) 24 (17) 100 (18) 20 (19) Income Tax Payable I Rent Revenue 8 (3) 24 (7) 16 (11) 16 (13) 36 (14) Property Tax Payable Other Payables Consulting Revenue 200 (9) Accounts Receivable Utility & Railway Revenue Investments - Railroad (16) 200 ACCT 200 Monopoly Project | Page 14 Investments - Utilities Interest Revenue (6) 150 Miscellaneous Revenue Land (2)120 120 (19) (4) 160 (5) 200 (10) 60 (19) 190 Gain on Sale of Property 50 (19) Rent Expense Buildings - Houses (18) 100 (8) 50 (12) 6 (15) 14 (17) 24 Accum. Deprec. - Houses Income Summary ACCT 200 Monopoly Project | Page 16 Company: Unadjusted Trial Balance December 31, 20Y1 Debit Account Credit Company: Adjusted Trial Balance December 31, 20Y1 Debit Account Credit Company: Income Statement For the Year Ended 12/31/1 REVENUES & GAINS Total Revenues & Gains EXPENSES & LOSSES Total Expenses & Losses Net Income Before Taxes Income Tax Expense NET INCOME Company: Retained Earnings Statement For the Year Ended 12/31/1 Retained Earnings, Beginning Balance $0 Retained Earnings, Ending Balance Company Balance Sheet December 31, 20Y1 ASSETS TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities TOTAL LIABILITIES Stockholders' Equity TOTAL STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Company: Statement of Cash Flows - Direct Method For the Year Ended 12/31/Y1 CASH FLOWS FROM OPERATING ACTIVITES Total Cash Flows From Operating Activities CASH FLOWS FROM INVESTING ACTIVITES Total Cash Flows From Investing Activities CASH FLOWS FROM FINANCING ACTIVITES Total Cash Flows From Operating Activities CASH FLOWS FROM INVESTING ACTIVITES Total Cash Flows From Investing Activities CASH FLOWS FROM FINANCING ACTIVITES Total Cash Flows From Financing Activities NET CHANGE IN CASH Cash at the beginning of the period Cash at the end of the period $0 Step by Step Solution
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