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Posted on Jul 26, 2024

PLEASE USE EXCEL A cover page. The cover page should be the first sheet of your project. It should include your name, the name of

PLEASE USE EXCEL
A cover page. The cover page should be the first sheet of your project. It should include your name, the name of your company (if different), and the name of the other members of your group. Also list on this page the amount of cash on hand when you ended the game as well as the place your token ended on. (It is not necessary to include the name of the other members of your group if you are playing individually per my instructions).
The general journal (example provided in Illustration 3-7 of the text). You should record your transactions as you play the game. Make sure that you have recorded journal entries in the proper format including a description of the transaction and the date (turn).
The general ledger (example provided in Illustration 3-8). Set up the general ledger using the chart of accounts Ive provided. Post all transactions to the general ledger.
An unadjusted trial balance (example provided in Illustration 3-20).
Year-end adjusting entries.
An adjusted trial balance (example provided in Illustration 3-35).
Year-end financial statements including a multi-step income statement (Illustration 4-2), and a classified balance sheet (Illustration 5-16) and a Statement of Retained Earnings (Illustration 3-36). (See note under Project Format.)
Closing entries. (Please use the Income Summary method of closing accounts, Illustration 3-38)
A post-closing trial balance (example, Illustration 3-40).
Reversing entries, where appropriate (Chapter 3, Appendix 3B).

TURN 1 Pentonville Road $120 TURN 2 free space TURN 3 Marylebone Station $200 TURN 4 Leicester Square $260 TURN 5 Liverpool St Station $200 TURN 6 Salary Revenue passing go $200 Old Kent Road $60 TURN 7 pay The angel, islington $6 TURN 8 pass TURN 9 Strand $220 TURN 10 pass TURN 11 receive rent $22 Leicester Square TURN 12 Park Lane $350 TURN 13 passing go Salary Revenue $200 TURN 14 chance card, passing go Salary Revenue $200 Kings Cross Station $200 TURN 15 free space TURN 16 recive $8 Pentonville Road Income tax refund $20 TURN 17 Fleet Street $220 TURN 18 pay $26 rent Regent street TURN 19 Chance card collect go $200 Salary Revenue pay $6 euston road TURN 20 Electric Company $140 TURN 21 Bow Street $180 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 Ending balance $38 CASH Pay $100 tax 511 Dividends Debit Retained Earnings distributed to owners 600 Salary Revenue Credit 601 Rent Revenue Credit Revenue earned from passing GO Revenue earned from players landing on properties you own. Includes rent from both developed and undeveloped land Income earned from utilities and railroads 602 Investment Income Credit 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 702 Transportation Expense Debit 703 Income Tax Expense Debit 704 Property Tax Expense Debit 705 Debit Repairs and Maintenance Expense 706 Interest Expense Debit Cost of landing on Water Works or Electric Company Cost of landing on one of the railroads Cost of landing Pay Income Tax Cost of property taxes owed on land, buildings, and investments. Cost of maintaining and repairing property (Community Chest or Chance card) Amount of interest incurred on Notes Payable Cost of long-term assets (houses and hotels) allocated to expense during the period Cost of fines/penalties paid 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 707 Depreciation Expense Debit 708 Fines and Penalties Expense Debit 710 Cash Over/Short Debit 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 TURN 1 Pentonville Road $120 TURN 2 free space TURN 3 Marylebone Station $200 TURN 4 Leicester Square $260 TURN 5 Liverpool St Station $200 TURN 6 Salary Revenue passing go $200 Old Kent Road $60 TURN 7 pay The angel, islington $6 TURN 8 pass TURN 9 Strand $220 TURN 10 pass TURN 11 receive rent $22 Leicester Square TURN 12 Park Lane $350 TURN 13 passing go Salary Revenue $200 TURN 14 chance card, passing go Salary Revenue $200 Kings Cross Station $200 TURN 15 free space TURN 16 recive $8 Pentonville Road Income tax refund $20 TURN 17 Fleet Street $220 TURN 18 pay $26 rent Regent street TURN 19 Chance card collect go $200 Salary Revenue pay $6 euston road TURN 20 Electric Company $140 TURN 21 Bow Street $180 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 Ending balance $38 CASH Pay $100 tax 511 Dividends Debit Retained Earnings distributed to owners 600 Salary Revenue Credit 601 Rent Revenue Credit Revenue earned from passing GO Revenue earned from players landing on properties you own. Includes rent from both developed and undeveloped land Income earned from utilities and railroads 602 Investment Income Credit 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 702 Transportation Expense Debit 703 Income Tax Expense Debit 704 Property Tax Expense Debit 705 Debit Repairs and Maintenance Expense 706 Interest Expense Debit Cost of landing on Water Works or Electric Company Cost of landing on one of the railroads Cost of landing Pay Income Tax Cost of property taxes owed on land, buildings, and investments. Cost of maintaining and repairing property (Community Chest or Chance card) Amount of interest incurred on Notes Payable Cost of long-term assets (houses and hotels) allocated to expense during the period Cost of fines/penalties paid 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 707 Depreciation Expense Debit 708 Fines and Penalties Expense Debit 710 Cash Over/Short Debit 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