Quarter Opening Entries: 1. Sold 100 shares of common stock with a par value of $10 for $12 each 2. Purchased supplies on account for $100 3. Set up an investment account with a deposit of $1000 (APR = 8%), 4. Purchased equipment on account for $1200. Residual Value $200 and useful life 5 yrs 5. Purchased 20 units of inventory for $10 each on account 6. Borrowed $1200 and signed a 3 yr note for 6% APR 7. Prepaid rent for the next 9 months for $135 8. Prepaid insurance for the next 15 months for $300 9. Collected $200 from a customer deposit who plans to stay on one of your properties one week at the end of Q1 and another week at the end of 2 Reminders: o Record and explanation after each entry List all debits before credits You can only place houses/hotels/solar plants/bullet trains when instructor allows Pass go or land on free parking and collect $200 until told otherwise When in jail you do not collect or pay any cash If you land on a property and don't want to buy it, it does up to auction All community chess, chance, luxury tax and income tax items go to either misc. rev. or expense Revenues: Assets: Cash Rent Revenue A/R Travel Revenue Supplies Utility Revenue Prepaid insurance Interest Revenue Prepaid Rent Sales Revenue Investments Gain on Sale (Insert name) Property Misc. Revenue Accumulated Depreciation Liabilities: A/P Expenses: Rent Expense Travel Expense Unearned Revenue N/P Utility Expense Interest payable Legal Expense Equity: Loss on Sale Common Stock Interest Expense APIC Supplies Expense Retained Earnings Insurance Expense Depreciation Expense COGS more accounts added as needed Date Deo Credit