The general journal. You should record your transactions as you play the game. Make sure that you
Question:
The general journal. You should record your transactions as you play the game. Make sure that you have recorded journal entries in the proper format ? including a description of the transaction and the date (turn). The general ledger . Set up the general ledger using the chart of accounts I?ve provided. Post all transactions to the general ledger. An unadjusted trial balance . Year-end adjusting entries. An adjusted trial balance (Year-end financial statements including a multi-step income statement (, and a classified balance sheet and a Statement of Retained Earnings. ( Closing entries. (Please use the Income Summary method of closing accounts, ) A post-closing trial balance. Reversing entries, where appropriate (
TURN 1 Pentonville Road $120 TURN 2 free space TURN 3 Marylebone Station $200 TURN 4 Leicester Square $260 TURN 5 Liverpool St Station $200 TURN 6 Salary Revenue passing go $200 Old Kent Road $60 TURN 7 pay The angel, islington $6 TURN 8 pass TURN 9 Strand $220 TURN 10 pass TURN 11 receive rent $22 Leicester Square TURN 12 Park Lane $350 TURN 13 passing go Salary Revenue $200 TURN 14 chance card, passing go Salary Revenue $200 Kings Cross Station $200 TURN 15 free space TURN 16 recive $8 Pentonville Road Income tax refund $20 TURN 17 Fleet Street $220 TURN 18 pay $26 rent Regent street TURN 19 Chance card collect go $200 Salary Revenue pay $6 euston road TURN 20 Electric Company $140 TURN 21 Bow Street $180 TURN 22 pay $20 trafalgar sqaure TURN 23 Recive $8 Pentonville Road TURN 24 pay 26 regent street TURN 25 recive $14 Bow Street TURN26 Pay $100 tax Ending balance $38 CASH Acct No. 100 110 120 200 220 210 Buildings-Houses 211 Accumulated Depreciation- Houses 221 215 Buildings-Hotels 216 Accumulated Depreciation- Hotels 300 301 302 Account Title 400 500 Cash Accounts Receivable 510 Prepaid Assets Land Investments-Utilities Investments-Railroads Interest Payable Property Taxes Payable Dividends Payable Notes Payable Paid-In Capital Retained Earnings To Increase Debit Debit Debit Debit Debit Credit Debit Credit Debit Debit Credit Credit Credit Description/Explanation of Account Credit Currency Earnings from traveling around the board but not yet received Get Out of Jail Free cards Cost of undeveloped land purchased Cost of houses purchased Amount of the houses' cost that has been allocated to Depreciation Expense since the time the house was acquired Cost of hotels purchased Amount of the hotels' cost that has been allocated to Depreciation Expense since the time the house was acquired Cost of purchasing utility companies Cost of purchasing railroad companies Amount owed for interest on Notes Payable up until the date of the balance sheet. Dividends declared but not yet distributed Credit Amounts borrowed from the bank Credit Amount the owner has invested in the company (though cash or other assets) Amount owed at year end based on the amount of land, building, and investments owned Earnings of the company not distributed as dividends 511 600 601 67009 Dividends Salary Revenue Rent Revenue Investment Income 603 Miscellaneous Income 700 Rent Expense Debit Credit Credit Credit Credit Debit Retained Earnings distributed to owners Revenue earned from passing GO Revenue earned from players landing on properties you own. Includes rent from both developed and undeveloped land Income earned from utilities and railroads Income earned from miscellaneous activities (from Chance and Community Chest cards) Cost of landing on property owned by another player TURN 1 Pentonville Road $120 TURN 2 free space TURN 3 Marylebone Station $200 TURN 4 Leicester Square $260 TURN 5 Liverpool St Station $200 TURN 6 Salary Revenue passing go $200 Old Kent Road $60 TURN 7 pay The angel, islington $6 TURN 8 pass TURN 9 Strand $220 TURN 10 pass TURN 11 receive rent $22 Leicester Square TURN 12 Park Lane $350 TURN 13 passing go Salary Revenue $200 TURN 14 chance card, passing go Salary Revenue $200 Kings Cross Station $200 TURN 15 free space TURN 16 recive $8 Pentonville Road Income tax refund $20 TURN 17 Fleet Street $220 TURN 18 pay $26 rent Regent street TURN 19 Chance card collect go $200 Salary Revenue pay $6 euston road TURN 20 Electric Company $140 TURN 21 Bow Street $180 TURN 22 pay $20 trafalgar sqaure TURN 23 Recive $8 Pentonville Road TURN 24 pay 26 regent street TURN 25 recive $14 Bow Street TURN26 Pay $100 tax Ending balance $38 CASH Acct No. 100 110 120 200 220 210 Buildings-Houses 211 Accumulated Depreciation- Houses 221 215 Buildings-Hotels 216 Accumulated Depreciation- Hotels 300 301 302 Account Title 400 500 Cash Accounts Receivable 510 Prepaid Assets Land Investments-Utilities Investments-Railroads Interest Payable Property Taxes Payable Dividends Payable Notes Payable Paid-In Capital Retained Earnings To Increase Debit Debit Debit Debit Debit Credit Debit Credit Debit Debit Credit Credit Credit Description/Explanation of Account Credit Currency Earnings from traveling around the board but not yet received Get Out of Jail Free cards Cost of undeveloped land purchased Cost of houses purchased Amount of the houses' cost that has been allocated to Depreciation Expense since the time the house was acquired Cost of hotels purchased Amount of the hotels' cost that has been allocated to Depreciation Expense since the time the house was acquired Cost of purchasing utility companies Cost of purchasing railroad companies Amount owed for interest on Notes Payable up until the date of the balance sheet. Dividends declared but not yet distributed Credit Amounts borrowed from the bank Credit Amount the owner has invested in the company (though cash or other assets) Amount owed at year end based on the amount of land, building, and investments owned Earnings of the company not distributed as dividends 511 600 601 67009 Dividends Salary Revenue Rent Revenue Investment Income 603 Miscellaneous Income 700 Rent Expense Debit Credit Credit Credit Credit Debit Retained Earnings distributed to owners Revenue earned from passing GO Revenue earned from players landing on properties you own. Includes rent from both developed and undeveloped land Income earned from utilities and railroads Income earned from miscellaneous activities (from Chance and Community Chest cards) Cost of landing on property owned by another player
Expert Answer:
1 New Inc issued 10000 10 pa bonds of 10 at 12 each for cash with an interest payment in six month o... View the full answer
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
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