Answered step by step
Verified Expert Solution
Question
1 Approved Answer
This project is based on two companies playing monopoly, i need journal entries for each transaction as well as a general ledger. this is a
This project is based on two companies playing monopoly, i need journal entries for each transaction as well as a general ledger.
this is a unique project in which we have to use these transactions from a monopoly game to form journal entries
Turn | Player | Description of Event(s) |
1 | Elite RE LLC | Rolled 7.Landed on chance. Rolled 4 and 2.Had a testimonial dinner resulted in Wireless RE Paying 25 to the bank. |
Wireless RE | Rolled 6.Landed on Oriental Avenue and purchased for $100 | |
2 | Elite RE LLC | Rolled 10.Landed on Community Chest.Rolled 6 and 3. Found of Violation of Osha Violation paid $30 |
Wireless RE | Rolled 8.Landed on Virginia Avenue and purchased for $160 | |
3 | Elite RE LLC | Rolled 11.Landed on Jail. Went to Jail |
Wireless RE | Rolled 5. Landed on Elite RE LLC;s property (New york Avenue), Pay $16 in concept of rent Expense to Elite RE LLC | |
4 | Elite RE LLC | Rolled 4 and 5.Did not get out jail, paid $50 to get out of jail |
Wireless RE | Rolled 10.Landed on Marvin Gardens. Bought it for $280 | |
5 | Elite RE LLC | Rolled 5, landed on Pennsylvania railroad, bought it for $280 |
Wireless RE | Rolled 10, landed on Boardwalk, (we own it) | |
6 | Elite RE LLC | Rolled 7, landed on chance. rolled 2 and 4. Go to GO and collect $400 (2 weeks off) |
Wireless RE | Rolled a 9, landed on Vermont Avenue bought it for $100. Service revenue for passed GO $200 | |
7 | Elite RE LLC | Week off |
Wireless RE | Rolled 6.Virginia AVE. it is our avenue. No movement | |
8 | Elite RE LLC | Second week off |
Wireless RE | Rolled 3, Landed Community chance,Rolled 5 and 4 Receive income tax refund of $40 | |
9 | Elite RE LLC | Visiting jail - Rolled 10 |
Wireless RE | Rolled 11. Buy Water Works $150 | |
10 | Elite RE LLC | Rolled 5.Pennsylvanya Railroad, they own it. |
Wireless RE | Rolled 3.Buy Pacific Avenue $300 | |
11 | Elite RE LLC | Rolled 7. Landed on chance, Rolled 1 and 6, move to closest colored porperty (Park Place) and pay $250 to clean toxic waste. No owner no paymet to the owner |
Wireless RE | Rolled 8.Broadwalk we own it . | |
12 | Elite RE LLC | Rolled 3.COLLECT $200, GO, (consulting revenue) . |
Wireless RE | Rolled 5. Collect $200, GO, (consulting revenue), WE PAY $200 INCOME TAX. | |
13 | Elite RE LLC | Rolled 4. Pay $200 Income Tax in cash -4- |
Wireless RE | Rolled 8.Electric company, we own it . | |
14 | Elite RE LLC | Rolled 7. Buy St. Charles Place $140. |
Wireless RE | Rolled 5.Community chance. Rolled 5 and 4.Receive income tax refund of $40 . | |
15 | Elite RE LLC | Rolled 10. Landed and Bought Kentucky Avenue, $220. |
Wireless RE | Rolled 9. Atlantic Av. we BUY $260 / Buy a House Marvin Gardens $150 . | |
16 | Elite RE LLC | Rolled a 9-Go to JAIL . |
Wireless RE | Rolled 11.Park Place, pay $35 to Team B (rent expense) . | |
17 | Elite RE LLC | Rolled a 4 and 6.Pay $50 to go out of Jail . |
Wireless RE | Rolled 9. Receive $200 GO, Oriental Av, we own it . | |
18 | Elite RE LLC | Rolled 10.NO entry, free parking . |
Wireless RE | Rolled 4.Visitin JAIL, no entry . | |
19 | Elite RE LLC | Rolled 8. Pay us $80 for Utilities / maintaince 10 times whats on the dice |
Wireless RE | Rolled 7.Community Chest. Rolled 2 and 1. Advance nearest color property, its us. We can not collect rent on Atlantic Ave. for next 4 turns. | |
20 | Elite RE LLC | Rolled 6.Buy Pennsylvania avenue, $320. |
Wireless RE | Rolled 5. Pacific Avenue, we own it. | |
21 | Elite RE LLC | Rolled 10. Receive $200. (CONSULTING REVENUE), Pay $200 Income Tax in cash -10- |
Wireless RE | Rolled 4.Buy Short Line $200, train. | |
22 | Elite RE LLC | Rolled 2. Elite RE LLC Pays Wireless RE $6 rent, Oriental Avenue. |
Wireless RE | Rolled 9. $200 Consulting Revenue, Pay $200 Income Tax in cash. | |
23 | Elite RE LLC | Rolled 4.Visiting Jail |
Wireless RE | Rolled 7. Pay $10 rent St. Charles Place to Elite RE LLC. | |
24 | Elite RE LLC | Rolled 9.New, York, they own it. |
Wireless RE | Rolled 9. Free parking, not journal entry . | |
25 | Elite RE LLC | Rolled 7. Atlantic Ave. Pay us $44 rent revenue. |
Wireless RE | Rolled 7. Ventor evenue, we own it. Buy a house pay $150. | |
26 | Elite RE LLC | Rolled 12. Property Tax pay $100, paid off interest note for $60. |
Wireless RE | Rolled 5. North Carolina Ave. We own it Paid off interest note for $60. | |
27 | Elite RE LLC | Rolled 5. Landed Baltic Avenue, collected $200 service revenue, GO. |
Wireless RE | Rolled 9. Bought Mediterrenean for $66, collected $200 service revenue, GO. | |
28 | Elite RE LLC | Rolled 6. Landed Connecticut Avenue |
Wireless RE | Rolled 7. Landed on Vermont Avenue (owned) | |
29 | Elite RE LLC | Rolled 12. Landed on Kentucky Aveneu (owned) . |
Wireless RE | Rolled 5. Landed on State Avenue | |
30 | Elite RE LLC | Rolled 10. Paid $26 in rent for landing on Pacific Avenue |
Wireless RE | Rolled 10. Landed Indiana Avenue | |
31 | Elite RE LLC | Rolled 4.Paid $25 US $25 rent , landed on Short Line railroad. |
Wireless RE | Rolled 5.Landed on Water Works (owned) | |
32 | Elite RE LLC | Rolled 7. Landed on Community Chest. Collected $200. Also Received $200 for Consulting Service . |
Wireless RE | Rolled 4. Landed on North Carolina (owned). | |
33 | Elite RE LLC | Rolled 7.Landed on Connect Avenue, did not buy. Paid off loan for $500. Also paid interest expense of $60. |
Wireless RE | Rolled 7. Landed on Board Walk (owned). | |
34 | Elite RE LLC | Rolled 5. Landed in Virginia Avenue. They pay us $12 Rent services |
Wireless RE | Rolled 10. Collected $200, we bought Connecticut $132 | |
35 | Elite RE LLC | Rolled 12. They Landed in Atlantic avenue, pay us $44 |
Wireless RE | Rolled 6. Pennsylvanya Railroad, Pay them. Rent Expense $50 | |
36 | Elite RE LLC | Rolled 8. Landed in Pensilvanya Avenue, they own it |
Wireless RE | Rolled 7.Landed on Chance. Rolled 5 and 5. Tenant slips and falls must pay $110 law suit on cash. Litigation loss | |
37 | Elite RE LLC | Rolled 5. They Landed on Boardwalk, they pay us rent $50 |
Wireless RE | Rolled 12. Pay them $28 Pannsylvania Ave. Rent Expense | |
38 | Elite RE LLC | Rolled 7. They collect $200, GO, Landed Oriental Avenue $12 pay us rent |
Wireless RE | Rolled 6. Landed in GO. NO Journal Entry | |
39 | Elite RE LLC | Rolled 10. They bought St. Jame PLace $198 |
Wireless RE | Rolled 7. Chance. Rolled 1 and 3. Bank pays us Interest received $50. We collected $200 consulting revenue , for GO | |
40 | Elite RE LLC | Rolled 5. Landed in Kentuky avenue, they own it |
Wireless RE | Rolled 4.We landed in St. Charles place pay them rent $10 | |
41 | Elite RE LLC | Rolled 9. They went to JAIL |
Wireless RE | Rolled 9. We bought Tenneesse Ave. $198 | |
42 | Elite RE LLC | Rolled 5 and 3. They paid $50 to go out Jail |
Wireless RE | Rolled 5. Landed on Indiana Ave. | |
43 | Elite RE LLC | Rolled 9. They landed in NY, they own it. no journal |
Wireless RE | Rolled 10. Community chest. Rolled 5 and 3.We pay them rent $28*20=560. We mortaged Mediterranean Ave $30,and boardwalk $200, so pay them $230 from mortgage and $330 cash. | |
44 | Elite RE LLC | Rolled 10. They landed in Marvin Gardens pay us $120 for rent. |
Wireless RE | Rolled 9. Service revenue $200, GO, Paid them $4 Balting avenue, rent expense | |
45 | Elite RE LLC | Rolled 8.Landed in Park place, they own it |
Wireless RE | Rolled 6.Landed in Connecticut Avenue, we own it | |
46 | Elite RE LLC | Rolled 6.Landed in Baltic Avenue, they own it. Service Revenue $200 |
Wireless RE | Rolled 11.Free parking, not journal entry | |
47 | Elite RE LLC | Rolled 7.Visiting Jail |
Wireless RE | Rolled 7. Landed on Ventnor Avenue, we own it | |
48 | Elite RE LLC | Rolled 6. Saint James, they own it |
Wireless RE | Rolled 4. Pacific avenue, we own it | |
49 | Elite RE LLC | Rolled 9. Landed in Band O, thew own it |
Wireless RE | Rolled 5. Landed on chance. Rolled 5 and 4.Tax Refund $40 - Income tax refund | |
50 | Elite RE LLC | Rolled 8. Communisty chest. Rolled 3 and 2. Collected $200 service revenue, GO. Pay us $50 electric company, Rent revenue |
Wireless RE | Rolled 8.Collectected $200, Service Revenue, GO, Pay $200 tax expense | |
51 | Elite RE LLC | Rolled 4. landed on St. James place they own it |
Wireless RE | Rolled 6. Landed on Visiting Jail | |
52 | Elite RE LLC | Rolled 5. Landed on Kentucky avenue they own it |
Wireless RE | Rolled 3. Landed on States avenue, we do not buy it. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started