ACCT001A Pasadena City College Accounting and Monopoly Reports Hiii there! how are you? There is a quite hurry project about accounting and monopoly all pi

ACCT001A Pasadena City College Accounting and Monopoly Reports Hiii there! how are you? There is a quite hurry project about accounting and monopoly all picture are requirement and statics from OCT and NOV. yes It require 2 reports which explain the statics from OCT and NOV. I am going to show your final example and reference of the reports which I got from my friends. CHART OF ACCOUNTS
70
CURRENT ASSETS
101 Cash
102 Notes Receivable
103 Prepaid Insurance
104 Supplies
REVENUE
401 Rental Revenue
402 Consulting Revenue
403 Interest Income
404 Other Revenue
PROPERTY, PLANT AND EQUIPMENT
150 Property
151 Railroads/Utilities
152 Houses/Hotels
153 Accumulated Depreciation:Railroads
154 Accumulated Depreciation:House/Hotels
EXPENSES
ah
CURRENT LIABILITIES
201 A/P
202 Notes Payable
203 Interest Payable
204 Taxes Payable
205 Dividends Payable
On 2
Daba
501 Rent Expense
502 Utility Expense
503 Interest Expense
504 Depreciation Exp: :
Railroads/Utilities
505: Depreciation Exp:
Houses
Hotels
506
Advertising Exp
507 Maintenance &
Repair Expense
508 Income Tax Expense
509 Medical Expense
510 Insurance Expense
511 Supplies Expense
512 Misc Expense
LONG TERM LIABILITIES
220 Notes Payable
anib
Bob
Oth
STOCKHOLDERS EQUITY
300 Common Stock
301 Retained Earnings
302 Dividends
Bank-wo
General Journal
Debit
Credit
Date
Account #
ane
Cash
boctota
010
#
B
010
aunkt
hives
Boo
to recul pur chane
hase on Alf Arrue)
Rere expense
ao
Cash
(z recone here expense
ko
To recoul pindare of hare on Med
cash
330
Rene Rerunje
(7o reord Rene Revunue on 410 Avnue
Xehe expenso
4
cash
14 ?
To record Rent expense on accoune
Cash
8 &
pen’t
(70 beword Revenue or acou he of water wittes
330
08/10/2009
?
u to
pevenue
X
U
?
P
7
}
1
HOME
5
General Journal
Date
Account #
Debit
Credit
4/1/2014
Rent Expense
102 record Rent Expense an account
Entertainment Expense
Cash
767 Deard entertatment expense on a count)
un 2017
30
30
Rene Rene hue
(2 hould Rene Revenue on Ari of 7 4 12 22
Rene Expense
Cash
a necord expense an Acc
Cash
Pene Revenue
to record Pere hue at Pear on Augune)
houhe
????
40
Jozmn2011
obli2014
??
Income Taxes
Expense
ha hecaral Tex Expense
Rene expense
cash
(to recoul
Rent expense on account
house
50
Cash
to recold prichane
house on Mediterr.
Cash
200
tuby counsulting Revenue
To record
to
mtu2.00
Townsulting Renone
suu
10
AFTER PLAYING THE GAME – NEXT STEPS
A. Review all of your journal entries to be sure the debits and credits match. Add the
account numbers from page 3 in the account #column.
1. Starting with October, post the journal entries for October to the General Ledger (the T
accounts). The goal is to have the cash on the Audit sheet match the cash on the T
account. If they do not match – there will be a correcting entry.
2. With these balances prepare a Trial Balance for October.
3. Prepare the adjusting entries for supplies, insurance, depreciation and interest (if you
borrowed money during the month.
4. Post these to the General Ledger and prepare an Adjusted Trial Balance.
5. Prepare the October closing entries for the temporary accounts and post to the general
ledger.
6. Prepare a Post-Closing Trial Balance.
7. Prepare the Income Statement, Statement of Stockholders Equity and Balance sheet for
October
8. Taking the October balance sheet account balances (which are the same balances as on
your Post-Closing Trial Balance), enter these as the beginning balances in the November
General Ledger T accounts).
9. Continue posting the November transactions in the November General Ledger.
10. Prepare a November Trial Balance.
11. Prepare the November adjusting entries and post to the General Ledger and prepare a
November adjusted Trial Balance.
12. Prepare the November closing entries for the temporary accounts and post to the general
ledger.
13. Prepare a Post-closing Trial Balance.
14. Prepare the Income Statement, Statement of Stockholders Equity, Balance Sheet, and
Cash Flow Statement for November.
EOM (OCT) and EOY (NOV) Adjusting & Closing Entries
Adjusting and closing entries can be done at home. Adjusting and closing entries are internal
transactions and are not part of the rolling of the dice. Leave space on the General Journal to
enter adjusting and closing entries at the end of the month.
1. Depreciation should be calculated using Straight line 10 year life for Railroads and
Utilities and a 8 year life for House/Hotels (numbers will be small).
2. 25% of Supplies balance is used in October. In November you use 25% of the balance at
the end of October.
3. Fifty percent of prepaid insurance expires at the end of October, and the other 50% at the
end of November.
4. If you
If you borrowed money you will need to accrue 1% of the amount borrowed.
60
ter
o
.
F10
Special Spaces
ournal
DELETE
be income tax expense. For example, if you had $1000 in cash you would pay $100 to the bank.
INCOME TAX-Pay 10% of your cash and property value to a maximum of $200. This will
SERT
If you had $1000 and property Baltic (60), Oriental ($100) and States ($140) which totals
$1300 you would pay $130. If it is more than $2000 you only have to pay $200.
JUST VISITING JAIL – No Transaction.
N
Lo
Free Parking – Get another roll–no transaction to record
7
HOME
GO TO JAIL – Go to the IN JAIL corner. You must pay $50 and record as Miscellaneous
Expense.
5
? Chance – Pick a chance card from the center of the board. Go to Table 1 for directions.
Community Chest – Pick a Community Chest card from the center of the board. Go to Table
1 for directions.
Luxury Tax – Pay $75 to the bank. Record it as Income Tax Expense.
DEL
TABLE ONE
LEGEND FOR COMMUNITY CHEST AND CHANCE CARDS
TRANSACTION
Hombre
CARD
Keep until
Community Chest
Get of out Jail Free
Pay Hospital $100
Pay School Tax $150
Assessed for Street Repairs
Bank Error in Your Favor
you
need it – no transaction recorded
Pay to bank and record it as a Medical Expense
Debit Income Tax Expense (Asset)/Pay to Bank
Maintenance & Repair Expense
Interest Income
Chance
Get out of Jail Free
Go to Jail
Bank pays Dividends
Pay Poor Tax
Make General Repairs
Keep it until you need it
Go to Jail, no $200. Pay $50 to bank to get out
Interest Income
Debit Income Tax Expense
Maintenance & Repair Expense

Purchase answer to see full
attachment