Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

what info needs to be added? 1 Transaction Description Received $1,500 cash in exchange for common stock 2 Purchased Marvin Gardens for $280 cash. 3

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
what info needs to be added?
1 Transaction Description Received $1,500 cash in exchange for common stock 2 Purchased Marvin Gardens for $280 cash. 3 Purchased Park Place for $350. This purchase was done 50% in cash and 50% on account/credit 4 Purchased North Carolina Avenue for $300 cash. 5 Paid back the amount owed from the purchase on account in transaction #3 6 Passed Go and Collected $200 7 Received $35 rent payment for Park Place 8 Paid $18 rent payment for Indiana Avenue, which is owned by Boss Moss Inc. 9 Purchased St. Charles Place for $140 on account/credit and passed Go (collected $200) 10 Mortgaged St. Charles Place and received $100 from the bank as well as paid a $600 rent payment for Connecticut Avenue 11 Received $100 cash due to Holiday Fund Maturing. Your Company has classified this as miscellaneous revenue 12 Received $2,000 cash in exchange for common stock and spent $400 purchasing Boardwalk 13 Passed Go (collected $200) and Paid $1,000 on account/credit for houses on Boardwalk and Park Place 14 Paid a $200 Luxury Tax and paid $100 in repairs to your house on Park Place 15 Sold North Carolina Avenue for $350 on account/credit (hint-read instruction/activity rules on outright sale to another player) You have decided to exchanged Marvin Gardens (cost you $280) for Boss Moss Inc.'s New York Avenue (cost to was Boss Moss $200). (hint-read 16 instruction/activity rules on exchanges with another player) 17 Received $50 rent payment for New York Avenue and Passed Go (Collected $200) 18 Collected the amount owed to you from transaction #15 19 Paid a $25 speeding fine in cash 20 Paid $750 rent payment for Baltic Avenue 21 Landed on Chance-Went to Jail and Paid $1,000 fine 22 Purchased Tennessee Avenue for $150 on account/credit 23 Paid back the mortgage payable from transaction #10 24 Received $2,500 cash rent payment for Boardwalk 25 Received $1,500 rent payment for Park Place on account/credit 26 Paid $300 to local charity. You classified this as a miscellaneous expense 27 Paid $200 for Reading Railroad 28 Paid $200 for Waterworks Utility 29 On October 31, 2017 you prepaid $1,500 cash to cover rent on various properties for the period Nov. 1. 2017-Jan. 31, 2018 (3 months). 30 On October 31, 2017 you received advanced rent payments of $6,000 cash to cover tenants rent for period Nov. 1. 2017-Jan 31, 2018 (3 months) BALANCE SHEET Cash ASSETS Land Invest A/R Build P. Rent INCOME STATEMENT REVENUE/GAIN/EXPENSEILOSS Account/s) Used LIABILITIES FIP MP TIP EQUITY CS RE URR 1 2 3 4 I 5 6 7 8 9 10 11 12 13 14 15 MacBook Pro BALANCE SHEET ASSETS Land Invest Cash INCOME STATEMENT REVENUEJGAINEXPENSE LOSS Account Used LIABILITIES AP FIP AR Build P. Rent MP TIP EQUITY CS RE URR 16 17 18 19 I 20 21 22 23 24 25 26 27 28 29 30 TOTAL 1-30 MacBook Pro Tabular Analysis AdiEntry Tab Using the information provided below, record the six adjusting entries your company needs to record as of December 31, 2017. The six adjusting entries are: 1. Consulting Revenue: On December 31, you were half way to "Passing Go" and earned $100 of consulting revenue, which will not be paid until you fully "Pass Go" in 2018. Record the adjusting entry to reflect the $100 of consulting revenue earned, but not yet received, as of December 31, 2017. (ADJ#1) 2. Property Taxes: On December 31, you owed property taxes of $1,000 (related to 2017). You will not pay these taxes until 2018. Record the adjusting entry to reflect the $1,000 accrued expense as of December 31, 2017 (ADJ#2) 3. Prepaid Rent: Record the necessary adjusting entry related to the prepaid rent transaction recorded (Transaction #29). You are recording the adjusting entry as of December 31, 2017 (Hint - How Many Months Have You "Used Up). (ADJ#3) 4. Unearned Revenue: Record the necessary adjusting entry related to the uneared rent revenue transaction recorded (Transaction #30). You are recording the adjusting entry as of December 31, 2017 (Hint - How Many Months Have You "Earned"). (ADJ#4) 5. Bribing City Official: On December 31, 2017 your company incurred a $300 fine for illegally bribing a city official. You have not yet received a bill from the city, but payment for the fine will be made in 2018. Record the adjusting entry made by your company on December 31. (ADJ#5) 6. Income Taxes: You will need to accrue income taxes equal to 25% of its net income for the year. After recording Transactions 1-30 and Adjusting Entries 1-5, you had the following information: Revenues = 9,135; 3,812 Expenses = 5,323 and Income Before Taxes = BALANCE SHEET ASSETS LIABILITIES EQUITY INCOME STATEMENT REVENUE/GAIN/EXPENSE/LOSS Cash AR Land Invest Build . Rent MP AP FIP TIP URR CS RE Account Used TOTAL 1-30 ADJ 1 ADJ 2 ADJ 3 ADJ 4 ADJ 5 ADJG SHOULD AGREE TO FINANCIAL STATEMENT CHECK FIGURES TOTALS Cash Accounts Receivable Land Investments 0.00 1,290.00 300.00 1.953.00 2,000.00 INCOME STATEMENT For the Year Ended December 31, 2017 Ron Revenue BOO Coning Revenue Land Raway Revenue Miscellanous Reve Gain on sale of Pay Tot Ravere 13 Rent Expense 2. Land Rwey Expense Fires & Penalties Experte BALANCE SHEET As of December 31, 2017 7.112.00 Mortgage Payable 1.600.00 Accounts Payable 1.290.00 Fine Payable 400.00 Taxes Payable Uneamed Rent Revenue 1,000.00 Total Liabilities 500.00 Common Stock Retained Eamings Total Equity 11,902.00 Total Llables and Equit Buildings 300.00 Repair & Maintenance Expen Maceous Exne Los on sale of Party Total Expenses 5.325.00 5,543.00 3.500.00 2859.00 6,359.00 11,902.00 Prepaid Rent Income Tax Espen 2050 Net Income Les ZANO Total Assets BALANCE SHEET LIABILITIES MP AP FIP TIP INCOME STATEMENT REVENUE GAINEXPENSE LOSS ASSETS Land Invest EQUITY CS RE Cash AR Build Rort URR Account Used TOTAL 1-30 ADJ 1 ADJ 2 ADJ 3 ADJ 4 ADJS ADJ 6 TOTALS SHOULD AGREE TO FINANCIAL STATEMENT CHECK FIGURES Cash Accounts Receivable Land Investments BALANCE SHEET As of December 31, 2017 74112.00 Mortgage Payable 1.600.00 Accounts Payable 1.290.00 Fine Payable 400.00 Tacos Payable Uneamed Rent Revenue 1.000.00 Total Liabilities 500.00 Common Stock Retained Eamings 11,902.00 Total Equity Total Liabilities and Equity 0.00 1,290.00 300.00 1,953.00 2.000.00 INCOME STATEMENT For the Year Ended December 21, 2017 Rant Revenue LOS Conne 30000 as Palam Miscelus Ganodope 50.00 Te Revere 1,135.00 Rent 20 w wype 000 Fires Pepe LE Poppens 1.800.00 Repair & Markere end Maceio LOMON Sale of Propan Total E. Incometeret income Tax Experien 25300 Net Income Lesel Buildings Prepaid Rent 5,543.00 3,500.00 2,859.00 6,350.00 11,902.00 Total Assets MacBook Pro 1 Transaction Description Received $1,500 cash in exchange for common stock 2 Purchased Marvin Gardens for $280 cash. 3 Purchased Park Place for $350. This purchase was done 50% in cash and 50% on account/credit 4 Purchased North Carolina Avenue for $300 cash. 5 Paid back the amount owed from the purchase on account in transaction #3 6 Passed Go and Collected $200 7 Received $35 rent payment for Park Place 8 Paid $18 rent payment for Indiana Avenue, which is owned by Boss Moss Inc. 9 Purchased St. Charles Place for $140 on account/credit and passed Go (collected $200) 10 Mortgaged St. Charles Place and received $100 from the bank as well as paid a $600 rent payment for Connecticut Avenue 11 Received $100 cash due to Holiday Fund Maturing. Your Company has classified this as miscellaneous revenue 12 Received $2,000 cash in exchange for common stock and spent $400 purchasing Boardwalk 13 Passed Go (collected $200) and Paid $1,000 on account/credit for houses on Boardwalk and Park Place 14 Paid a $200 Luxury Tax and paid $100 in repairs to your house on Park Place 15 Sold North Carolina Avenue for $350 on account/credit (hint-read instruction/activity rules on outright sale to another player) You have decided to exchanged Marvin Gardens (cost you $280) for Boss Moss Inc.'s New York Avenue (cost to was Boss Moss $200). (hint-read 16 instruction/activity rules on exchanges with another player) 17 Received $50 rent payment for New York Avenue and Passed Go (Collected $200) 18 Collected the amount owed to you from transaction #15 19 Paid a $25 speeding fine in cash 20 Paid $750 rent payment for Baltic Avenue 21 Landed on Chance-Went to Jail and Paid $1,000 fine 22 Purchased Tennessee Avenue for $150 on account/credit 23 Paid back the mortgage payable from transaction #10 24 Received $2,500 cash rent payment for Boardwalk 25 Received $1,500 rent payment for Park Place on account/credit 26 Paid $300 to local charity. You classified this as a miscellaneous expense 27 Paid $200 for Reading Railroad 28 Paid $200 for Waterworks Utility 29 On October 31, 2017 you prepaid $1,500 cash to cover rent on various properties for the period Nov. 1. 2017-Jan. 31, 2018 (3 months). 30 On October 31, 2017 you received advanced rent payments of $6,000 cash to cover tenants rent for period Nov. 1. 2017-Jan 31, 2018 (3 months) BALANCE SHEET Cash ASSETS Land Invest A/R Build P. Rent INCOME STATEMENT REVENUE/GAIN/EXPENSEILOSS Account/s) Used LIABILITIES FIP MP TIP EQUITY CS RE URR 1 2 3 4 I 5 6 7 8 9 10 11 12 13 14 15 MacBook Pro BALANCE SHEET ASSETS Land Invest Cash INCOME STATEMENT REVENUEJGAINEXPENSE LOSS Account Used LIABILITIES AP FIP AR Build P. Rent MP TIP EQUITY CS RE URR 16 17 18 19 I 20 21 22 23 24 25 26 27 28 29 30 TOTAL 1-30 MacBook Pro Tabular Analysis AdiEntry Tab Using the information provided below, record the six adjusting entries your company needs to record as of December 31, 2017. The six adjusting entries are: 1. Consulting Revenue: On December 31, you were half way to "Passing Go" and earned $100 of consulting revenue, which will not be paid until you fully "Pass Go" in 2018. Record the adjusting entry to reflect the $100 of consulting revenue earned, but not yet received, as of December 31, 2017. (ADJ#1) 2. Property Taxes: On December 31, you owed property taxes of $1,000 (related to 2017). You will not pay these taxes until 2018. Record the adjusting entry to reflect the $1,000 accrued expense as of December 31, 2017 (ADJ#2) 3. Prepaid Rent: Record the necessary adjusting entry related to the prepaid rent transaction recorded (Transaction #29). You are recording the adjusting entry as of December 31, 2017 (Hint - How Many Months Have You "Used Up). (ADJ#3) 4. Unearned Revenue: Record the necessary adjusting entry related to the uneared rent revenue transaction recorded (Transaction #30). You are recording the adjusting entry as of December 31, 2017 (Hint - How Many Months Have You "Earned"). (ADJ#4) 5. Bribing City Official: On December 31, 2017 your company incurred a $300 fine for illegally bribing a city official. You have not yet received a bill from the city, but payment for the fine will be made in 2018. Record the adjusting entry made by your company on December 31. (ADJ#5) 6. Income Taxes: You will need to accrue income taxes equal to 25% of its net income for the year. After recording Transactions 1-30 and Adjusting Entries 1-5, you had the following information: Revenues = 9,135; 3,812 Expenses = 5,323 and Income Before Taxes = BALANCE SHEET ASSETS LIABILITIES EQUITY INCOME STATEMENT REVENUE/GAIN/EXPENSE/LOSS Cash AR Land Invest Build . Rent MP AP FIP TIP URR CS RE Account Used TOTAL 1-30 ADJ 1 ADJ 2 ADJ 3 ADJ 4 ADJ 5 ADJG SHOULD AGREE TO FINANCIAL STATEMENT CHECK FIGURES TOTALS Cash Accounts Receivable Land Investments 0.00 1,290.00 300.00 1.953.00 2,000.00 INCOME STATEMENT For the Year Ended December 31, 2017 Ron Revenue BOO Coning Revenue Land Raway Revenue Miscellanous Reve Gain on sale of Pay Tot Ravere 13 Rent Expense 2. Land Rwey Expense Fires & Penalties Experte BALANCE SHEET As of December 31, 2017 7.112.00 Mortgage Payable 1.600.00 Accounts Payable 1.290.00 Fine Payable 400.00 Taxes Payable Uneamed Rent Revenue 1,000.00 Total Liabilities 500.00 Common Stock Retained Eamings Total Equity 11,902.00 Total Llables and Equit Buildings 300.00 Repair & Maintenance Expen Maceous Exne Los on sale of Party Total Expenses 5.325.00 5,543.00 3.500.00 2859.00 6,359.00 11,902.00 Prepaid Rent Income Tax Espen 2050 Net Income Les ZANO Total Assets BALANCE SHEET LIABILITIES MP AP FIP TIP INCOME STATEMENT REVENUE GAINEXPENSE LOSS ASSETS Land Invest EQUITY CS RE Cash AR Build Rort URR Account Used TOTAL 1-30 ADJ 1 ADJ 2 ADJ 3 ADJ 4 ADJS ADJ 6 TOTALS SHOULD AGREE TO FINANCIAL STATEMENT CHECK FIGURES Cash Accounts Receivable Land Investments BALANCE SHEET As of December 31, 2017 74112.00 Mortgage Payable 1.600.00 Accounts Payable 1.290.00 Fine Payable 400.00 Tacos Payable Uneamed Rent Revenue 1.000.00 Total Liabilities 500.00 Common Stock Retained Eamings 11,902.00 Total Equity Total Liabilities and Equity 0.00 1,290.00 300.00 1,953.00 2.000.00 INCOME STATEMENT For the Year Ended December 21, 2017 Rant Revenue LOS Conne 30000 as Palam Miscelus Ganodope 50.00 Te Revere 1,135.00 Rent 20 w wype 000 Fires Pepe LE Poppens 1.800.00 Repair & Markere end Maceio LOMON Sale of Propan Total E. Incometeret income Tax Experien 25300 Net Income Lesel Buildings Prepaid Rent 5,543.00 3,500.00 2,859.00 6,350.00 11,902.00 Total Assets MacBook Pro

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Changing Academics Quality Audit And Its Perceived Impact

Authors: Ming Cheng

1st Edition

3639134273, 978-3639134278

More Books

Students also viewed these Accounting questions