The following transactions below are recorded from a monopoly game. For this game, we must present T- accounts and balances, a trial balance, Balance sheet, income statement, and statment of players equity from the journal entries recorded during the game. please help.
+ 1. After all transactions have been recorded. Setup T 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 Player'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. Balance Sheet h. Income Statement i. Statement of Changes in Player's Equity Date or # Account Titles and Explanation P.R. Debit Credit Cash Players eavity Property title deed Cash Rent expense Cash Paid ail Road) Rent expense a cash (paid rent Ave, Ave. 1 Investments Cash in Railroad 147 Investment in utilities cash water works cash misc, Income Investments in Railrow's (Bought 2 of Sums RR) cash Salary income ( Go spot cash Cash - Rental income Tlanded on my RR) cash Rental income landed on my RR P.R. Debit Credit Date or # Account Titles and Explanation Invest in utilities cash (Bought complete electric) Rent expense cash ( illinois Ave) - Cash Tife insurance Proceeds Community chest cash Rental Income Rail Roads) Cash Rental Income Rent expense cash (board walk Ave) Cash Rental income LR Road) Property title deed (Connecticut Ave) 201 Rental income Rail Road Property tilte deed Cash virgina Ave cash Date or # Account Titles and Explanation P.R. Debit Credit 22 Cash Rental income Rail Road) les cash salary expense Property tife deed Cash Property title Jeed cash ( Mediterranean Ave) Cash Rental exo 100 lo Rail Road Rail Road cash invest. Rental expense ( North Carolina Cash T Ave) 29 Cash Saun Cash casa - Cash lentex. ZO Cash Cash pentex 3 Rail Roud. Houses ( Cash 200 pate Entries Debit I credit 32 Rent ex 22 Cash 22 33 Cash SO misc. Income 10 15 15 Journal entries prepared in proper form | T-accounts posted and balances taken Trial balance prepared in proper form Balance Sheet Income Statement Statement of Changes in Player's Equity MONOPOLY PROJECT CHART OF ACCOUNTS Normal Balance Account Title Account Number ASSETS 101 110 120 130 140 150 Cash Investment in Railroads Investment in Utilities Property Title Deeds Houses Hotels Debit Debit Debit Debit Debit Debit Mortgage Payable Notes Payable Credit Credit Player's Capital Player's Withdrawals Credit Debit LIABILITIES 201 210 EQUITY 301 305 REVENUES 401 405 410 415 420 425 Salary Income Rental Income Dividend Income Inheritance Proceeds Life Insurance Proceeds Miscellaneous Income Credit Credit Credit Credit Credit Credit EXPENSES 501 505 510 515 520 525 Rent Expense Income Tax Expense School Tax Expense Poor Tax Expense Luxury Tax Expense General Repairs Expense Street Repairs Expense Hospital Expense Doctor's Fee Expense Jail Fee Expense Miscellaneous Expense Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit 535 540 545 550
