Reference no: EM132670097
Assignemnt: Requirements: 1. All transactions should be recorded in proper format in the general journal. (Debit account listed first, credit account listed second and indented.) Assume first transaction is September 1 and then each subsequent transaction on the next day.
2. Set up T accounts showing title above the T and post the transactions and be sure to record transaction number (date) in T accounts.
3. Enter purchases and sales of properties, railroads and utilities in the proper ledger pages. Put the reference number. This is just for property purchases not houses or hotels.
4. Calculate balances in all T accounts and make a trial balance. For the trial balance and financial statements make a company name for yourself.
5. From the trial balance make an Income Statement, Statement of Player's Equity and Balance Sheet in proper format. Use the time period of month ended September 30, 2019. You do these on your own paper and attach to the packet.
To start playing:
- Assign 1 player to be the banker. This person handles all the money distribution and remembers to handle all of their funds separately from the bank.
The banker will hand out the following $1,500 "loan" from the bank for the start of play:
- 2 - $500's, $100's, and $50's
- 6 - $20's
- 5 - $10's, $5's and $1's
- Each player rolls the dice once to see who gets the highest # to start the game.
- You can buy property on the 1st time around the board.
- When you pass "Go" you collect $200 from the bank as Salary Income
- If a player rolls doubles with the dice - meaning if 2 dice are rolled, the same # appears, the player gets to roll again for another turn
- Each roll of the dice is a business transaction - record each turn with a journal entry.
Don't forget to record your 1st "loan" from the bank for $1,500 as a Note Payable
You can make up some fun rules as you go as long as all the players agree.