Make ajournal entries with given data
TURN 1
Pentonville Road $120 house
TURN 2
free space
TURN 3
Marylebone Station $200 railroad
TURN 4
Leicester Square $260 house
TURN 5
Liverpool St Station $200 railroad
TURN 6
Salary Revenue passing go $200
Old Kent Road $60 house
TURN 7
payThe angel, islington $6 rent expense
TURN 8
pass
TURN 9
Strand $220 house
TURN 10
pass
TURN 11
receive rent $22 Leicester Square
TURN 12
Park Lane $350 Buildings-Houses
TURN 13
passing go Salary Revenue $200
TURN 14
chance card, passing go Salary Revenue $200
Kings Cross Station $200 Buildings-Houses
TURN 15
free space
TURN 16
recive $8 Pentonville Road Buildings-Houses
Income tax refund $20
TURN 17
Fleet Street $220 Buildings-Houses
TURN 18
pay $26 rent Regent
TURN 19
Chance card collect go $200 Salary Revenue
pay $6 euston road
TURN 20
Electric Company $140
TURN 21
Bow Street $180 Buildings-Houses
TURN 22
pay $20 trafalgar sqaure
TURN 23
Recive $8 Pentonville Road
TURN 24
pay 26 regent street
TURN 25
recive $14 Bow Street
TURN26
Pay $100 tax
Ending balance $38 CASH
Acct No. Account Title To DescriptionlExplanation of Increase Account 100 Cash Debit Currency 110 Accounts Receivable Debit Earnings from traveling around the board but not yet received 120 Prepaid Assets Debit Get Out of Jail Free cards 200 Land Debit Cost of undeveloped land purchased 210 Buildings-Houses Debit Cost of houses purchased 211 Accumulated Depreciation- Credit Amount of the houses' cost that Houses has been allocated to Depreciation Expense since the time the house was acquired 215 Buildings-Hotels Debit Cost of hotels purchased 216 Accumulated Depreciation- Credit Amount of the hotels' cost that has Hotels been allocated to Depreciation Expense since the time the house was acquired 220 Investments-Utilities Debit Cost of purchasing utility companies 221 Investments-Railroads Debit Cost of purchasing railroad companies 300 Interest Payable Credit Amount owed for interest on Notes Payable up until the date of the balance sheet. 301 Property Taxes Payable Credit Amount owed at year end based on the amount of land, building, and investments owned 302 Dividends Payable Credit Dividends declared but not yet distributed 400 Notes Payable Credit Amounts borrowed from the bank 500 Paid-In Capital Credit Amount the owner has invested in the company (though cash or other assets) 510 Retained Earnings Credit Earnings of the company not distributed as dividends 511 Dividends Debit Retained Earnings distributed to owners 600 Salary Revenue Credit Revenue earned from passing GO 601 Rent Revenue Credit Revenue earned from players landing on properties you own. Includes rent from both developed and undeveloped land 602 Investment Income Credit Income earned from utilities and railroads 603 Miscellaneous Income Credit Income earned from miscellaneous activities (from Chance and Community Chest cards) 700 Rent Expense Debit Cost of landing on property owned by another player 701 Utility Expense Debit Cost of landing on Water Works or Electric Company 702 Transportation Expense Debit Cost of landing on one of the railroads 703 Income Tax Expense Debit Cost of landing Pay Income Tax 704 Property Tax Expense Debit Cost of property taxes owed on land, buildings, and investments. 705 Repairs and Maintenance Debit Cost of maintaining and repairing Expense property (Community Chest or Chance card) 706 Interest Expense Debit Amount of interest incurred on Notes Payable 707 Depreciation Expense Debit Cost of long-term assets (houses and hotels) allocated to expense during the period 708 Fines and Penalties Expense Debit Cost of fines/ penalties paid 710 Cash Over! Short Debit Used to report overages and shortages to the Cash account; used to report the difference between the expected cash balance and the actual cash balance 720 Miscellaneous Expense Debit Cost incurred for items expenses not recorded in other accounts 800 Gain on Sale of Assets Credit Occurs when the company sells one of its assets for more than the asset's book value 850 Loss on Sale of Assets Debit Occurs when the company sells one of its assets for less than the asset's book value
