Divide the class into teams and play Monopoly™. Each team takes ten turns. Each team starts with \($1,500\) of owners’ capital, in cash.

Required 

1. Each team accounts for its first ten transactions using the accounting equation. Use a table like Exhibit 2.1.
2. Each team presents its accounting equation entries to one other team.

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Exhibit 2.1 Summary of Transactions Using the Accounting Equation Assets Liabilities Cash + Accounts + Supplies + Equipment Accounts +C. Taylor, - C. Taylor, Receivable Equity Revenues Expenses Payable (1) $30,000 Capital $30,000 Withdrawals (2) - 2,500 + Bal. 27.500 + $2,500 2,500 30,000 (3) -26,000 + $26,000 Bal. 1,500 4 2,500 + 26,000 30,000 (4) + 7,100 +$7,100 Bal. 1,500 + 9,600 + 26,000 7,100 + 30,000 (5) + 4,200 + $4,200 Bal. 5,700 + 9,600 + 26,000 == 7,100+ 30,000 + 4,200 (6) 1,000 - $1,000 Bal. 4,700 + 9,600 + 26,000 7,100 + 30,000 + 4.200 1,000 (7) 700 700 Bal 4,000 + 9,600 + 26,000 = 7,100 + 30,000 + 4,200 1,700 (8) + $1,900 + 1,600 + 300 Bal. (9) Bal. 5,900 (1.0) 900 Bal. 4,000 T 1.900 + 9.600 + 26,000 7,100 + 30,000 + 6,100 1,700 +1,900 - 1,900 + 0 + 9,600 + 26,000 = 7,100 + 30,000 + 6,100 1 1,700 900 - (11) Bal. 5,000+ 200 $ 4,800 0 + 9,600 + 26.000 = 6,200 + 30,000 6,100 1,700 $200 + $ 0 + $9,600 + $ 26,000 $ 6,200 + $ 30,000 $200 + $6,100 $1,700