Accounting 201 Monopoly
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.)
Last updated 2016 Monopoly Rules For Accounting 201
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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:
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ASSETS |
LIABILITIES |
EQUITY |
REVENUES |
EXPENSES |
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101 Cash
102 103 Land
104 |
201 Accounts Payable (if you need to borrow money from another player or owe because you have no cash left, use accounts payable) |
301 (Initial $1500)
302 |
501
502 503 Misc income |
601
602
603
604
605
606 |
Audited by: _________________________ Paper written by: __________________________
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Check status |
Check status |
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Online only. Starting and ending screen shots in Excel spreadsheet Appendix. Yes No |
N/A |
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Excel transaction summary (Journal Entry sheet) contains 25 Transactions – if not note how many transactions Yes No |
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General Journal |
All transactions listed on monopoly worksheet have been included and referenced Yes No |
Debits = Credits Yes No |
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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 |
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Trial Balance |
Check total on each column. Correct No |
Check total on each column, if correct initial. Yes No |
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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 |
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Statement of Retained Earnings |
Beginning balance and net income reflected in ending balance. Correct No |
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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 |
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Working capital |
Calculated correctly current assets minus current liabilities. Current assets do NOT include property. Correct No |
Math is correct on working capital. |
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Current ratio |
Calculated correctly current assets and current liabilities. Correct No |
Calculated ratio correctly: current assets / current liabilities |
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 “ | Transaction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Another example could be the purchase of the Reading Railroad for $200. That transaction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| would be presented as: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||
| Stockholders’ equity | ||||
| Common stock | ||||
| $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 |