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Accounting 201 Monopoly

Open Posted By: surajrudrajnv33 Date: 15/10/2020 High School Coursework Writing

You can play online with your team or yourself: (Take a screenshot with date stamp and put in Excel Appendix)

https://www.pogo.com/games/monopolyclassic  (beware ads)

You can play with friends or family if you have the game. (Just take a picture of the board and put it in the Excel spreadsheet)

You must get 25 ACCOUNTING transactions.  (Can be pretty fast playing alone online or slower if you are having fun with friends)

Prepare journal entries, post to t accounts, create trial balance, income statement, retained earnings statement and balance sheet with working capital and current ratio.)

Category: Accounting & Finance Subjects: Accounting Deadline: 12 Hours Budget: $150 - $300 Pages: 3-6 Pages (Medium Assignment)

Attachment 1

Instructions

Monopoly Support File
Instructions for Use
After you have played Monopoly in the classroom, you must prepare financial statements
based on your transactions. Those transactions are summarized on the Monopoly worksheet
that you completed during the gameplay. To complete step 9 of the project, the same
transactions need to be summarized in this workbook.
First, download and save a copy of this file onto your computer. If you do not have a local
copy of the file, you will be unable to save and email in for credit.
Then, proceed to the "Transactions" tab by selecting it at the bottom of this page.
In the Transactions tab you will, in the row corresponding to the transactions that you
documented in class, note the amount that your cash account changed and the other
account impacted by the transaction.
Increases in cash should be reported as positive numbers, while reductions in cash should be
reported as negative.
The first transaction has been completed for you. It entailed the sale of Common Stock in
exchange for $1,500. Therefore, "Common Stock" has been selected in the "Account"
column, and 1,500 has been input in the "Cash Change" column.
Another example could be the purchase of the Reading Railroad for $200. That transaction
would be presented as:
Transaction Account Cash Change

Journal Entry

Monopoly Transactions Note initial cash as DEBIT Cash CREDIT Common Stock Journal Entries
Reference Cash (Millions) In or Out Description Date Account Titles and Descriptions Ref. Debit Credit

T-Accounts

T-Accounts - Feel free to rename accounts as needed but please keep them in correct order.
ASSETS LIABILITIES EQUITY REVENUES EXPENSES

Trial Balance

Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Calculate
DEBITS CREDITS
Working Capital
Current Ratio
Total Liabilities
Stockholders' equity
Common stock
Total $0 $0 Retained earnings
Total Equity
Total Liabilities and Equity

Appendix

Place screen shot of start here - must include date and time stamp If you did this online, please screen shot of finish here - must include date and time stamp

Attachment 2

Last updated 2016 Monopoly Rules For Accounting 201 Page 2 of 2

image1.png Name:______________

On Campus Classes: You must complete 25 transactions playing with your classmates.

Online Classes: You can do this yourself, but you must provide a screen shot of the beginning time and the ending time (two screen shots) which clearly shows the date and times. Screen shots are easily gotten by print screen or prtsc key. 

Then complete all the work according to the rubric listed in the next page. Use the Excel spreadsheet provided. There are instructions in the Excel worksheet. LABEL YOUR EXCEL SPREADSHEET WITH YOUR NAME.

After you complete Monopoly, come back to this assignment. You will be given the work of another student to AUDIT for the second part of this assignment. Look to the right side of the screen for the name of the student.

Audit using the rubric attached. Submit the audit to the student in the assignment with an attachment to your comments AND the completed audit sheet must be submitted in the Monopoly AUDIT Assignment.

The class will use the same chart of accounts:

ASSETS

LIABILITIES

EQUITY

REVENUES

EXPENSES

101 Cash

102 Accounts Receivable

103 Land

104 Building

201 Accounts Payable (if you need to borrow money from another player or owe because you have no cash left, use accounts payable)

301 Common Stock

(Initial $1500)

302 Retained Earnings

501 Rent Revenue

502 Service Revenue (passing Go)

503 Misc income

601 Rent expense

602 utility expense (rent to utilities),

603 transportation expense (rent to railroads),

604 fine expense (get out of Jail)

605 tax expense (luxury tax, community chest tax),

606 misc expense (all other expenses)

Audited by: _________________________ Paper written by: __________________________

Check status

Check status

Online only. Starting and ending screen shots in Excel spreadsheet Appendix.

Yes No

N/A

Excel transaction summary (Journal Entry sheet) contains 25 Transactions – if not note how many transactions

Yes No

N/A

General Journal

All transactions listed on monopoly worksheet have been included and referenced

Yes No

Debits = Credits

Yes No

T-accounts

T-accounts properly labeled, each transactions is referenced, and in order.

Yes No

Check totals on each account. If correct initial, if incorrect insert comment.

Yes No

Trial Balance

Check total on each column.

Correct No

Check total on each column, if correct initial.

Yes No

Income Statement

Match t-account totals on income statements. Only revenue and expense accounts should be on income statement.

Correct No

Revenue accounts/expense accounts/net income in correct order and net income computed.

Yes No

Statement of Retained Earnings

Beginning balance and net income reflected in ending balance.

Correct No

N/A

Balance Sheet

Match t-account totals. Should only include balance sheet accounts.

Correct No

Current assets and current liabilities correctly computed. Assets = Liabilities + Equity

Yes No

Working capital

Calculated correctly current assets minus current liabilities. Current assets do NOT include property.

Correct No

Math is correct on working capital.

Current ratio

Calculated correctly current assets and current liabilities.

Correct No

Calculated ratio correctly: current assets / current liabilities