journal entry

a YEAT Lawn care company Partner contribution $5,000 so 20,000 total Salary for each parter is 50 hour Purchase a vehicle $50,000 Purchase vehicle s so ooo Service Sale 11 hours. Service sal 26 hours Sunday outing, $ 550 Service sale 48 hours. Event - $230 on credit- office supples Sate 9 hours overtine. Sale 11 hours Event - Receive Account Receivable Service sale - 10 hours Sunday off Service sale - 40 hours Event - receive 1,000 for recognition award Playing the game: Let's begin-One partner from each company will roll the die and move the game piece to the appropriate square. The professor will write down the event/transaction of each move. Outside of class, the company will create general journal entries for each transaction. If an event perpetuates future entries (monthly payments, depreciation...), partners must remember to record entries at the end of each month and/or the end of the year. Opening Day - When each company reaches the "Opening Day" square, it must stop on the square. Companies must purchase 12 months of liability insurance $2,400/yr. The journal entries for partners contributions and the purchase of liability insurance must be recorded. Service - When a company lands on a Sale/Service space, the professor will pick a Sales Card. These cards will outline the number of service hours provided. It may also include additional information associated with that specific "job". All services must be recorded as paid on account". End of Month - When a company lands on then end of the month square, partners must record monthly liabilities (rent/mortgages, utilities...) listed on the Game guidelines and collect half of the outstanding A/R. [This is also where salaries and loan payments will be listed, but due to the sequencing of learning topics, salary and loan payments calculations and journal entries are submitted in separate submissions] End of Year - When a company reaches the end of the year, it must complete all of its EOY activities, make any necessary adjusting entries, and calculate and record depreciation