MONOPOLY PROJECT (Accounting Cycle Project)

Grading Criteria

STUDENT:

CLASS

Possible

Points

Description of Criteria

Points

Earned

Comments

10

Working papers submitted on time

30

Journal entries prepared in proper form

30

T-accounts posted and balances taken

10

Property transactions posted in ledgers

10

Trial balance prepared in proper form

20

Income Statement

20

Statement of Changes in Player's Equity

20

Balance Sheet

150

TOTAL POINTS

REQUIREMENTS:

1.All transactions should be recorded in proper format in the general journal. (Debit account listed first, credit account listed second and indented.) Assume first transaction is September 1 and then each subsequent transaction on the next day.

2.Set up T accounts showing title above the T and post the transactions and be sure to record transaction number (date) in T accounts.

3.Enter purchases and sales of properties, railroads and utilities in the proper ledger pages. Put the reference number. This is just for property purchases not houses or hotels.

4.Calculate balances in all T accounts and make a trial balance. For the trial balance and financial statements make a company name for yourself.

5.From the trial balance make a Income Statement, Statement of Player's Equity and Balance Sheet in proper format.Use the time period of month ended September 30, 2019.You do these on your own paper and attach to the packet.

*THE ADDITIONAL INFORMATION ARE ON THE PICTURES*

MONOPOLY@ PROJECT Chart of Accounts Account Normal Number Account Title Balance ASSETS 101 Cash Debit 105 Accounts Receivable Debit 110 Investment in Railroads Debit 120 Investment in Utilities Debit 130 Investment in Property Debit 140 Houses Debit 150 Hotels Debit LIABILITIES 200 Accounts Payable Credit 201 Mortgage Payable Credit 210 Notes Payable Credit EQUITY 301 Player's Capital Credit 305 Player's Withdrawals Debit REVENUES 401 Salary Income Credit 405 Rental Income Credit 410 Railroad Income Credit 415 Utility Income Credit 420 Dividend Income Credit 425 Inheritance Proceeds Credit 430 Life Insurance Proceeds Credit 435 Stock Sale Proceeds Credit 440 Proceeds from Sales of Property Credit 445 Parking Income Credit 450 Lottery Income Credit 455 Miscellaneous Income Credit EXPENSES 601 Rent Expense Debit 602 Railroad Expense Debit 605 Income Tax Expense Debit 610 School Tax Expense Debit 615 Poor Tax Expense Debit 620 Luxury Tax Expense Debit 625 General Repairs Expense Debit 630 Street Repairs Expense Debit 635 Hospital Expense Debit 640 Doctor's Fee Expense Debit 645 Jail Fee Expense Debit 650 Interest Expense Debit 655 Utilities Expense Debit 660 Miscellaneous Expense Debit 665 Accounting Expense Debit 670 Cost of property sold Debit\fSubsidiary Ledgers Investment in Property Ledger Purchases Sales Property Description Date Cost Date Sales Price TOTALS Investment in Railroads Ledger Purchases Sales Property Description Date Cost Date Sales Price TOTALS Investment in Utilities Ledger Purchases Sales Property Description Date Cost Date Sales Price TOTALS