MONOPOLY PROJECT PATRICIA CARLSON ACCOUNTING 104 INSTRUCTOR: CATHERINE CONDRON
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1 MONOPOLY PROJECT PATRICIA CARLSON ACCOUNTING 104 INSTRUCTOR: CATHERINE CONDRON JANUARY 06, 2011
2 Comments on ing Monopoly Project This was a very creative way to play monopoly by making a journal entry for the different moves by each player. It was quite a task entering each move that created a journal entry but it was still fun.
3 ing 104 Monopoly Project Patricia Carlson Chart of s Assets 100 Cash 110 s Receivable 120 Steven Melissa Victoria John Game Piece 130 Accum Depr. - Game Piece 140 Property Purchased 150 St. James Place New York Avenue Baltic Avenue Vermont Pennsylvania Avenue Railroads 160 Reading Railroad Pennsylvania Railroad Liabilities 200 s Payable 210 Hollada Hayes Murguia Branch Taxes 220 Owners Equity 300 Owner, Capital 310 Owner, Drawing 320 Income Summary 350 Revenue 400 Go Revenue 410 Rent Revenue 420 Railroad Revenue 430 Other Revenue: e.g. Chance, C.Chest 440 Expenses 500 Rent Expense 510 Railroad Expense 520 Tax Expense 530 Other Expenses e.g. Chance, C.Chest 540 Depr. Expense - Game Piece 560
4 JOURNAL Page 1 Patricia Carlson ing 104 Date Description Post Ref Debit Credit 1 Nov 1 Cash 110 $ 1, Owner, Capital 310 $ 1, Owner's initial investment Game Piece 130 $ A/P Condron 210 $ Purchased game piece on account Property: St. James Place $ Cash 110 $ Property: New York Avenue $ Cash 110 $ Owner's Drawing 320 $ Cash: Non-business expense 110 $ Jail bond Property: Baltic Avenue $ Cash 110 $ Property: Vermont Avenue $ Cash 110 $ A/R Victoria $ Rent Revenue 420 $ Earned rent on Vermont Avenue Cash 110 $ A/R Victoria $ Received payment on account for Vermont Ave A/R Victoria $ Rent Revenue 420 $ Earned Rent on St. James Place Cash 110 $ Go Revenue 410 $ Property: Reading Railroad $ Cash 110 $ Page 2 of 21
5 JOURNAL Page 2 Patricia Carlson ing 104 Date Description Post Ref Debit Credit 1 Nov 6 Cash 110 $ A/R Victoria $ St. James Place rent Rent Expense 510 $ A/P Branch $ Electric Company Utilites A/P Branch $ Cash 110 $ Electric Company Utilities A/R John $ Rent Revenue 420 $ Earned rent on Baltic Cash 110 $ A/R John $ Received payment on account for Baltic Cash 110 $ Other Revenue 440 $ Cash 110 $ Go Revenue 410 $ A/R Steven $ Railroad Revenue 430 $ Earned rent on Reading Railroad A/R John $ Rent Revenue 420 $ Earned rent on Vermont Cash 110 $ A/R Steven $ Received payment on account for Reading RR Cash 110 $ A/R John $ Received payment on account for Vermont Ave 41 Page 3 of 21
6 JOURNAL Page 3 Patricia Carlson ing 104 Date Description Post Ref Debit Credit 1 Nov 13 Property: Pennsylvania Railroad $ Cash 110 $ A/R Victoria $ RR Revenue 430 $ Earned rent on Pennsylvania Railroad Rent Expense 510 $ A/P Murguia $ Indiana Avenue rent Cash 110 $ A/R Victoria $ Received payment on account for Pennsylvania RR A/P Muguia $ Cash 110 $ Made payment on account for Indiana Avenue rent Tax Expense 530 $ A/P Taxes: Chance Card 220 $ Paid Income Tax A/R Victoria $ Rent Revenue 420 $ Earned rent on St. James Place Cash 110 $ Other Revenue 440 $ Chance Card A/P Taxes 220 $ Cash 110 $ Made payment on Income Tax Cash 110 $ A/R Victoria $ Received payment on account for St. James Place Page 4 of 21
7 JOURNAL Page 4 Patricia Carlson ing 104 Date Description Post Ref Debit Credit 1 Nov 18 Rent Expense 510 $ A/P Murguia $ Marvin Gardens rent A/P Murguia $ Cash 110 $ Made payment on account for Marvin Gardens rent RR Rent Expense 520 $ $ A/P Branch Shortline Railroad Cash 110 $ Go Revenue 410 $ Other Expense 540 $ Cash 110 $ School Fees A/R Steven $ Rent Revenue 420 $ Earned rent on Vermont Avenue A/R Steven $ RR Revenue 430 $ Earned rent on Pennsylvania Railroad A/R Victoria $ Rent Revenue 420 $ Earned rent on St. James Place A/P Branch $ Cash 110 $ Shortline Railroad Rent Expense 510 $ A/P Branch $ Electric Company Utility Page 5 of 21
8 JOURNAL Page 5 Patricia Carlson ing 104 Date Description Post Ref Debit Credit 1 Nov 21 Cash 110 $ A/R Steven $ Received payment on account for Vermont Ave Cash 110 $ A/R Steven $ Received payment on account for Pennsylvania RR Cash 110 $ s Receivable: Victoria $ Received payment on account for St. James Place s Receivable: Melissa $ Railroad Revenue 430 $ Earned rent on Pennsylvania Railroad s Payable: Branch $ Cash 110 $ Made payment on accont for Electric Company Cash 110 $ A/R Melissa $ Received payment on account for Pennsylvania RR A/R Melissa $ Rent Revenue 420 $ Earned rent on Vermont Avenue Rent Expense 510 $ A/P Branch $ Electric Company Utility Tax Expense 530 $ A/P Taxes 220 $ Paid Luxary Tax Cash 110 $ A/R Melissa $ Received payment on account for Vermont Avenue A/P Branch $ Cash 110 $ Made payment on accont for Electric Company A/R Melissa $ RR Rent Revenue 430 $ Earned rent on Pennsylvania Railroad 47 Page 6 of 21
9 Patricia Carlson ing Page 7 of 21
10 JOURNAL Page 6 Patricia Carlson ing 104 Date Description Post Ref Debit Credit 1 Nov 25 Cash 110 $ Go Revenue 410 $ Tax Expense 530 $ Taxes Payable 220 $ Paid Income Tax Taxes Payable 220 $ Cash 110 $ Paid Luxary Tax Cash 110 $ A/R Melissa $ Received payment on account for Pennsylvania RR Property: Pennlysvania Avenue $ Cash 110 $ Rent Expense 510 $ A/P Murguia $ Tennessee A/R Steven $ Rent Revenue 420 $ Earned rent on Pennsylvanie Avenue Other Expense 540 $ Cash 110 $ Community Chest: Steven's Birthday A/P Murguia $ Cash 110 $ Made payment on account for Tennessee Ave rent Cash 110 $ A/R Steven $ Received payment on account for Pennsylvania Ave rent A/P Taxes 220 $ Cash 110 $ Made payment on taxes A/R Victoria $ Rent Revenue 420 $ Earned rent on Vermont Avenue A/P Condron 210 $ Page 8 of 21
11 Patricia Carlson ing Cash 110 $ Made payment for Game Piece 49 Page 9 of 21
12 JOURNAL Page 7 Patricia Carlson ing 104 Date Closing Entries Post Ref Debit Credit 1 Nov 30 Revenue $ 1, Go Revenue Rent Revenue Railroad Revenue Other Revenue Income Summary $ Rent Expense Railroad Expense Tax Other Expense Depreciation Expense Income Summary $ 1, Patricia Carlson, capital Patricia Carlson, capital $ Patricia Carlson, drawing Page 10 of 21
13 GENERAL LEDGER : CASH No. 110 Nov 1 Owners capital J St James Place J New York Avenue J Non-business expense J Baltic Avenue J Vermont Avenue J Vermont Rent J Go Revenue J Reading Railroad J St James Place J Utilities Expense J Baltic Rent J Other Revenue J Go Revenue J RR Rent J Vermont Rent J Pennsylvania RR J Pennsylvania RR Rent J Indiana Avenue Rent J Other Revenue J Income Tax J St James Place Rent J Marvin Gardens rent J Go Revenue J School Fees J Shortline RR rent J Vermont Avenue rent J Pennsylvania RR Rent J St James Place Rent J Electric Co J Pennsylvania RR rent J Vermont Avenue rent J Electric Co J Go Revenue J Taxes J Pennsylvania RR Rent J Pennsylvania Avenue J Other Espense J Pennsylvania Avenue rent J Tennessee Rent J Taxes J Game Piece J Page 11 of 21
14 GENERAL LEDGER A/R Steven No Nov 11 Reading RR rent J Reading RR rent J Vermont rent J Pennsylvania rent J Vermont rent J Pennsylvania rent J Pennsylvania rent J Pennsylvania rent J A/R Melissa No Nov 22 Pennsylvanie RR rent J Pennsylvania RR rent J Vermont rent J Vermont rent J Pennsylvania RR rent J Pennsylvania RR rent J A/R Victoria No Nov 4 Vermont rent J Vermont rent J St James Place rent J St James Place rent J Pennsylvania RR rent J Pennsylvania RR rent J St James Place rent J St James Place rent J St James Place rent J St James Place rent J Vermont rent J A/R John No Nov 8 Baltic rent J Baltic rent J Vermont rent J Vermont rent J Game Piece No. 130 Page 12 of 21
15 Nov 1 Purchased game piece J GENERAL LEDGER Accum Depr - Game Piece No. 140 Nov 30 Purchased game piece J Property: St James Place No Nov 1 Purchased property J Property: New York Avenue No Nov 2 Purchased property J Property: Baltic Avenue No Nov 3 Purchased property J Property: Vermont Avenue No Nov 4 Purchasaed property J Pennsylvania Avenue No Nov 26 Purchased property J Reading Railroad No Nov 6 Purchased Property J Pennsylvania Railroad No Nov 13 Purchased property J3 Page 13 of
16 A/P: Condron No. 210 Nov 1 Purchase game piece J Paid for game piece J GENERAL LEDGER A/P: Muguia No Nov 14 Indiana Ave rent J Indiana Ave rent J Marvin Gardens rent J Marvin Gardens rent J Tenessee rent J Tenessee rent J A/P: Branch No Nov 7 Electric Co. J Electric Co. J Shortline RR rent J Shortline RR rent J Electric Co. J Electric Co. J Electric Co J Electric Co J A/P: Taxes No. 220 Nov 16 Income Tax J Income Tax J Luxury Tax J Income Tax J Luxury Tax J Income Tax J Owners Equity No. 310 Nov 1 Patricia Carlson Capital J Owners Drawing No. 320 DATE ITEM Post Ref Page 14 DEBIT of 21 CREDIT
17 DEBIT Nov 2 Non-business expense J CREDIT Go Revenue No. 410 Nov 6 J J J J Closing J GENERAL LEDGER Rent Revenue No. 420 Nov 4 Vermont Ave J St James Place J Baltic Avenue J Vermont Ave J St James Place J Vermont Ave J St James Place J Vermont Ave J Pennsylvania Ave J Vermont Ave J Closing J Railroad Revenue No. 430 Nov 11 Reading J Pennsylvania J Pennsylvania J Pennsylvania J Pennsylvania J Closing J Other Revenue No. 440 Nov 10 J J Closing J Rent Expense No. 510 Page 15 of 21
18 Nov 7 Electric Company J Indiana Avenue J Marvin Gardens J Electric Company J Electric Company J Tennessee Avenue J Closing J Railroad Expense No. 520 Nov 19 Shortline J Closing J GENERAL LEDGER Tax Expense No. 530 Nov 16 Income tax J Luxury tax J Income tax J Closing J Other Expense No. 540 Nov 20 J J Closing J Depr. Expense - Game Piece No. 560 Nov 30 J Closing J Page 16 of 21
19 Patricia Carlson Monopoly Worksheet For Month End November 30, 2010 ACCOUNT TITLE TRIAL ADJUSTMENTS 1 Cash s Receivable Game Piece Accum Depr. - Game Piece Property Railroads s Payable 8 Patricia Carlson, Capital Patricia Carlson, Drawing Revenue Rent Expense Railroad Expense Tax Expense Other Expense Depr. Expense - Game Piece
20 Patricia Carlson Monopoly Worksheet For Month End November 30, 2010 ADJUSTED TRIAL INCOME STATEMENT SHEET
21 Patricia Carlson Monopoly Project Income Statement For the Month Ended November 30, 2010 Revenue $ - Rent & Other Revenue $ 1, Expenses Rent Expense Railroad Expense Tax Expense Other Expense Depr. Exp. - Game Piece Total Expense Net Income $
22 Patricia Carlson Monopoly Project Statement of Owners Equity For the Month Ended November 30, 2010 Patricia Carlson, capital, November 1, 2010 $ 1, Investments during November $ - Total Investment $ 1, Net Income for November $ Less withdrawals for November $ Increase in Capital $ Patricia Carlson, capital, November 30, $ 1,922.00
23 Patricia Carlson Monopoly Project Balance Sheet Assets November 30, 2010 Cash s receivable 6.00 Game Piece Property Railroads Total Current Assets Less Accum. Dep. - Game Piece Total Assets Liabilities Current Liabilities s Payable 0.00 Owner's Equity Patricia Carlson, capital, November 30, Total Liabilities & Owner's equity
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