Monopoly project instructions up to this point:
Everything thus far;
6. Prepare the trial balance-use the balances in your ledger. If it balances then proceed to step 7. Do not proceed until the trial balance balances. 7. Make Year-end Adjustments. These will be journalized in the general journal and then posted to the ledger. (If you are using the optional worksheet, you will do this in the adjustment columns. They will still need to be journalized and posted later.) Supplies on hand are $30. 6 months of insurance has expired. Record depreciation houses/hotels: Cost/30 years/2 (round to nearest dollar) Accrue for Utilities ($25 for Water and $25 for Electricity per property, improved-with houses or hotels, $5 for Water and $5 for Electricity per property, unimproved-no houses or hotels) Accrue interest payable (only if you owe money to the bank) 12% annual rate. (Remember the game is six months.) Assume dividends of $100 have been declared (Dr. Dividends, Cr Dividends Payable) 8. Prepare an adjusted trial -make sure it balances. Post. Ref. Credit Debit 2,500.00 1 General Journal 2 3 Date Description 4 Jan 3 Cash 5 Common stock 5 7 Jan 6 Property 3 Common Stock 2,500.00 140.00 140.00 260.00 260.00 300.00 0 Jan 8 Property 1 Common Stock 2 3 Jan 14 Property 4 Common Stock 5 6 Jan 26 Supplies 7 Cash 300.00 80.00 80.00 00 180.00 180.00 9 Jan 31 Pre-Paid Insurance 20 Cash 21 2 Feb 3 Rent Expense 3 Cash 25.00 25.00 0 OWN 5 Feb 200.00 7 Property Cash 200.00 27 D F G E 200.00 200.00 200.00 200.00 4.00 4.00 A B 25 Feb 7 Property 26 Cash 27 28 Feb 15 Cash 29 Go Revenue 30 31 Feb 18 Rent Expense 32 Cash 33 34 Feb 24 Miscellanous Expense 35 Cash 36 37 Feb 30 Cash 38 Rental Income 39 40 Mar 1 Water Works 41 Cash 42 43 Mar 4 Cash 44 Rental Income 50.00 50.00 26.00 26.00 150.00 150.00 10.00 10.00 45 200.00 200.00 46 Mar 10 Cash 47 Go revenue 48 49 Mar 21 Cash 50 Rental Income 51 10.00 10.00 General Journal Post. Ref. Credit Date Description Mar 28 Cash Rental Income Debit $22.00 $22.00 $200.00 Apr 4 Property Expense Cash $200.00 $70.00 Apr 13 St James Place Rent Cash $70.00 $200.00 Apr 20 Cash Go revenue $200.00 Account Name: Cash Account Name:Property Post. Description Credit Ref. P1 P1 Debit 2,500.00 6 Date Jan Jan Jan Feb Post. Ref. P1 P1 P1 P1 Number: 110 Balance Debit Credit 140.00 400.00 700.00 900.00 8 14 7 Debit 140.00 260.00 300.00 200.00 200.00 Date Description Jan 3 Beginning funds Jan 26 Jan 31 Feb 3 Feb Feb 15 Feb 18 Feb 24 Feb 30 Mar 1 Mar 4 Mar 10 Mar 21 Mar 28 Apr 4 Apr 13 Apr 20 Number: 100 Balance Credit Debit Credit 2.500.00 80.00 2,420.00 180.00 2,240.00 25.00 2.215.00 200.00 2,015.00 2.215.00 4.00 2.211.00 50.00 2,161.00 2,187.00 150.00 2.037.00 2,047.00 2,247.00 2,257.00 2,279.00 200.00 2,079.00 70.00 2,009.00 2,209.00 P1 P1 P1 P1 P1 P1 P1 P2 P2 P2 P2 26.00 10.00 200.00 10.00 22.00 200.00 Account Name: Supplies Account Name: Pre-Paid Insurance Post. Ref. Number: 120 Balance Debit Credit 80.00 Post. Ref. Number: 130 Balance Debit Credit 180.00 Description Credit Debit Date Jan 26 Credit Debit 80.00 Date Jan Description 31 18 month period 180.00 Account Name: Interest Payable Account Name: Common Stock Post. Number: 200 Balance Debit Credit Post. Ref. Date Description Ref. Debit Credit Description Debit Date Jan Jan Jan Jan 3 6 8 14 Number: 500 Balance Credit Debit Credit 2500.00 2500.00 140.00 2360.00 260.00 2100.00 300.00 1800.00 Account Name: Go Revenue Description Debit Post. Ref. P1 P1 P2 Date Feb 15 Mar 10 Apr 20 Account Name: Rental Income Number: 300 Balance Debit Credit 200.00 400.00 600.00 Credit 200.00 200.00 200.00 Description Debit Date Feb 30 Mar 4 Mar 21 Mar 28 Post. Ref. P1 P1 P1 P2 Number: 310 Balance Credit Debit Credit 26.00 26.00 10.00 36.00 150.00 186.00 22.00 208.00 Account Name: Rent Expense Description Credit Post. Ref. P1 P1 P2 Date Feb 3 Feb 18 Apr 13 Account Name: Miscellaneous Expense Number: 400 Balance Debit Credit 25.00 29.00 99.00 Debit 25.00 4.00 70.00 Number: 420 Balance Debit Credit 50.00 Post. Ref. P1 Date Feb Description Credit Debit 50.00 24 Account Name: Property Expense Post. Number: 410 Balance Debit Credit 200.00 Description Debit Account Name: Utilities Date Apr 4 Ref. P2 Credit 200.00 Number: 140 Balance Debit Credit 150.00 Post. Ref. P1 Date Mar Description Credit Debit 150.00 1
