Accounting
Name: __________________
Monopoly Project
(200 Points)
DATE: ______ Period: ____
Goal: This is a very basic simulation of accounting activity for a business owned by a sole proprietor. The goal is
to accurately perform a “months” worth of accounting for your small business from journalizing the transactions to
writing a Post Closing Trial Balance.
Players: 4 to 6 per game/team.
Chart of Accounts
Assets
110 Cash
120 Real Estate
130 Buildings
Liabilities
210 Accounts Payable
Revenues
410
Rent Revenue
430
Misc Revenue
Expenses
510
Rent Expense
530
Misc Expense
Owners Equities
310 Owners Capital
320 Income Summary
Note: EVERY transaction must be journalized. If you are uncertain of how to journalize a transaction, the instructor
will assist you.
The first transaction will be easy, you start your own company (feel free to name your company something
appropriate). You will start the game with $1,500 (original game amount, if you are using an alternative version,
this may need to be adjusted).
1
2007
Dec
# Cash
Owners Equity
1 5 0 0 00
1 5 0 0 00
Note: Document numbers will not be used in this simulation.
□ Using the General Journal provided, you will need complete between 30 and 32 transactions; No more, no less.
When you reach your transaction target, you will ask the members of your team for a time-out in the game. You will
count your cash and write the amount of total cash here: _________. You will see your instructor with your General
Journal and cash balance to register your progress. Doing this, you will return to the game to continue playing until
all members of your team have completed the required number of transactions. However, you are no longer
required to keep track of your transactions. You are just helping to generate normal transactions for the members
of the team.
□ Once all member of the team have completed their transactions, sadly, the game is complete.
You will clean up
and put away the game. Remember – this is someone’s personal property and should be treated with respect.
□ Your instructor will now provide you with your ledger papers so that you can post your journal entries. Post each
and every entry to the appropriate ledger. Remember to use the Post Reference columns. When you are finished,
see your instructor.
□ Your instructor will now provide you with a worksheet so that you can perform and trial balance.
If you do not
balance, you have made a mistake in your General Journal and need to audit the journal for the mistake. Once you
balance, you are ready to move on to the next set of columns.
□ The next set of columns are for adjustments.
Good news, there are no adjustments for this simulation! You get
to move on to the Income Statement and Balance Sheet Columns. When you have finished, see your instructor.
□ Your instructor will now provide you with a paper to prepare an Income Statement and Balance sheet.
When
you have finished, see your instructor.
□ Your instructor will now provide you with a 3rd General Journal page.
You will now make your closing entries.
You will also post them to your ledgers. When you have finished, see your instructor.
□ Your instructor will now provide you with a paper to prepare a Post Closing Trial Balance.
It you balance, you
are finished with this project.
Grading: Only finished projects will be graded. Unfinished projects will earn an “F” level 100 of 200 points.
Missing transactions will result in your instructor having to provide a balance “plug” number, such a number will
result in a deduction equal to the percentage of (“Plug” Number / Total Assets). Out of balance cash will also result
in a deduction equal to the percentage of (Cash Difference / Total Assets). Stealing cash from the bank or other
players will result in a “0” and is covered under the Academic Dishonesty policy of the school.
Assistance: You instructor and fellow students are allowed to help you with this project. However, your close
attention to detail is required to succeed. In addition, help from the instructor may require you to think harder than
you wish. You may also refer to your notes and book as needed.
Bonus: A 10% bonus will be given to the player on each team with the most accurate books (even if the player
earns all 200 points). So players need to keep each other honest. Letting someone mess with the bank funds to
try and balance could be taking points from YOU. Note: Ties will split the bonus.
Complete?
Yes: 200 Points
No: 100 Points
Plug Number:
-
Assets:
-
Plug Number / Assets
-
Deduction
-
Cash on hand:
-
Cash on books:
-
Difference:
-
Cash / Assets
-
Deduction
-
Total
100