MONOPOLY® PROJECT

ACCOUNTING 301

 

COVER SHEET

 

 

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STUDENT NAME:     _____________________________________________________________

 

Grading Criteria

 

Possible

Points

Description of Criteria

Points

Awarded

5

Working papers submitted in proper order

 

10

Neatness

 

15

Journal entries prepared in proper form

 

10

T-accounts posted and balances taken

 

15

Trial balance prepared in proper form

 

15

Balance Sheet

 

15

Income Statement

 

15

Statement of Retained Earnings

 

 

Penalty for late submission

       (15)

 

100

 

TOTAL POINTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONOPOLY® PROJECT

ACCOUNTING 301

 

OBJECTIVE:

 

Improve player’s ability to record business transactions in general journal form, post transactions to the general ledger, prepare a trial balance and prepare formal financial statements.

 

INSTRUCTIONS:

 

1.     Select groups of two-four to play the game of monopoly.

2.     Select one player to act as the banker.

3.     Follow the rules included in the game box.

4.     As you move around the board, record in general journal form the results of your move.  Use the journal paper provided. You may date or number each journal entry.  A minimum of twenty-five journal entries should be recorded.  Be sure to reference the chart of accounts provided when recording entries and include an explanation of each entry. Make sure you record the journal entries in their proper format. (Dr account first, Cr account title indented, and brief explanation of each entry.) Consider skipping a line after each entry.

5.     If you have any questions ASK!

 

REQUIREMENTS:

 

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 Retained Earnings 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 Retained Earnings

 

MONOPOLY® PROJECT

CHART OF ACCOUNTS

 

Account Number

Account Title

Normal Balance

ASSETS

 

 

101

Cash

Debit

110

Investment in Railroads

Debit

120

Investment in Utilities

Debit

130

Property Title Deeds

Debit

140

Houses

Debit

150

Hotels

Debit

LIABILITIES

 

 

201

Mortgage Payable

Credit

EQUITY

 

 

301

Common Stock

Credit

305

Retained Earnings

Credit

308

Dividends

Debit

REVENUES

 

 

401

Salary Income

Credit

405

Rental Income

Credit

410

Dividend Income

Credit

415

Inheritance Proceeds

Credit

420

Life Insurance Proceeds

Credit

425

Miscellaneous Income

Credit

EXPENSES

 

 

501

Rent Expense

Debit

505

Income Tax Expense

Debit

510

School Tax Expense

Debit

515

Poor Tax Expense

Debit

520

Luxury Tax Expense

Debit

525

General Repairs Expense

Debit

530

Street Repairs Expense

Debit

535

Hospital Expense

Debit

540

Doctor’s Fee Expense

Debit

545

Jail Fee Expense

Debit

550

Miscellaneous Expense

Debit

 

MONOPOLY® PROJECT

GENERAL JOURNAL

 

Date or #

Account Titles and Explanation

P.R.

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONOPOLY® PROJECT

GENERAL JOURNAL

 

Date or #

Account Titles and Explanation

P.R.

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONOPOLY® PROJECT

GENERAL JOURNAL

 

Date or #

Account Titles and Explanation

P.R.

Debit

Credit