OBJECTIVE: Improve player's ability to record business transactions in general journal form, post transactic to the general ledger, prepare a trial balance and prepare formal financial statements. INSTRUCTIONS: 1. Select groups of players to play the game of monopoly. 2. Select one player to act as the banker. The banker issues $1500 in cash to each player to start the game. Use today's date and record the opening entry in your journal. This entry should be the same as an investment by the owner. 3. Follow the rules included in the game box. 4. As you move around the board, record in general journal form the results of your move. Use the journal paper provided. You may date or number each journal entry. Be sure to reference the chart of accounts provided when recording entries and include an explanation of each entry. Make sure you record the journal entries in their proper format. (Dr account first, Cr account title indented, and brief explanation of each entry.) Consider skipping a line after each entry. 5. Students may start buying properties as soon as their first turn. Any time money changes hand, students must record the transaction on their sheet. Each roll of the dice may result in either no journal entry, one player making an entry, or in two players making an entry. 6. If you have any questions ASK! REQUIREMENTS: 1. After all transactions have been recorded, setup T-accounts for each account in the Chart of 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 Owner'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. Income Statement h. Statement of Owner's Equity i. Balance Sheet Date or # Debit Credit B00 MONOPOLY PROJECT GENERAL JOURNAL Account Titles and Explanations P.R. can Jo green, Capital - Income tax expense Cash b y expenie OLYGradey. Cash Isso 200 200 310 32 730 Property/street title zzo Izzo , 200 investment in railroads cash 200 175 railroad income Property streef title ( go salary income Hospital fees 510 Cash Property Street title Cash of 29 rai rekid cand Lapialali 300 Rent expense cash and Cash ental income COM Miscellanas income utilities railroad ex. Cash Casu rental income Cash rental income Property/street title Casn go salary income rent expense (4 (430 rental income contatal income OBJECTIVE: Improve player's ability to record business transactions in general journal form, post transactic to the general ledger, prepare a trial balance and prepare formal financial statements. INSTRUCTIONS: 1. Select groups of players to play the game of monopoly. 2. Select one player to act as the banker. The banker issues $1500 in cash to each player to start the game. Use today's date and record the opening entry in your journal. This entry should be the same as an investment by the owner. 3. Follow the rules included in the game box. 4. As you move around the board, record in general journal form the results of your move. Use the journal paper provided. You may date or number each journal entry. Be sure to reference the chart of accounts provided when recording entries and include an explanation of each entry. Make sure you record the journal entries in their proper format. (Dr account first, Cr account title indented, and brief explanation of each entry.) Consider skipping a line after each entry. 5. Students may start buying properties as soon as their first turn. Any time money changes hand, students must record the transaction on their sheet. Each roll of the dice may result in either no journal entry, one player making an entry, or in two players making an entry. 6. If you have any questions ASK! REQUIREMENTS: 1. After all transactions have been recorded, setup T-accounts for each account in the Chart of 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 Owner'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. Income Statement h. Statement of Owner's Equity i. Balance Sheet Date or # Debit Credit B00 MONOPOLY PROJECT GENERAL JOURNAL Account Titles and Explanations P.R. can Jo green, Capital - Income tax expense Cash b y expenie OLYGradey. Cash Isso 200 200 310 32 730 Property/street title zzo Izzo , 200 investment in railroads cash 200 175 railroad income Property streef title ( go salary income Hospital fees 510 Cash Property Street title Cash of 29 rai rekid cand Lapialali 300 Rent expense cash and Cash ental income COM Miscellanas income utilities railroad ex. Cash Casu rental income Cash rental income Property/street title Casn go salary income rent expense (4 (430 rental income contatal income
