MONOPOLY® PROJECT
ACCOUNTING 301
COVER SHEET
STUDENT NAME:
_____________________________________________________________
Grading Criteria
Possible
Points
5
10
15
10
15
15
15
15
100
Description of Criteria
Working papers submitted in proper order
Neatness
Journal entries prepared in proper form
T-accounts posted and balances taken
Trial balance prepared in proper form
Balance Sheet
Income Statement
Statement of Changes in Player’s Equity
Penalty for late submission
TOTAL POINTS
Points
Awarded
(15)
MONOPOLY® PROJECT
ACCOUNTING 301
OBJECTIVE:
Improve player’s ability to record business transactions in general journal form,
post transactions to the general ledger, prepare a trial balance and prepare formal
financial statements.
INSTRUCTIONS:
1.
2.
3.
4.
Select groups of two-four to play the game of monopoly.
Select one player to act as the banker.
Follow the rules included in the game box.
As you move around the board, record in general journal form the results of
your move. Use the journal paper provided. You may date or number each
journal entry. A minimum of twenty-five journal entries should be recorded.
Be sure to reference the chart of accounts provided when recording entries and
include an explanation of each entry. Make sure you record the journal entries
in their proper format. (Dr account first, Cr account title indented, and brief
explanation of each entry.) Consider skipping a line after each entry.
5. If you have any questions ASK!
REQUIREMENTS:
1. After all transactions have been recorded. Setup T accounts and post the
transactions.
2. Obtain balances in each account and prepare a trial balance.
3. From the trial balance prepare a Balance Sheet, Income Statement and
Statement of Player’s Equity in good form.
4. Submit your working papers in the following order:
a. Cover sheet indicating your name (provided)
b. Instruction sheet provided
c. Chart of accounts provided
d. Journal entries
e. T accounts
f. Trial Balance
g. Balance Sheet
h. Income Statement
i. Statement of Changes in Player’s Equity
MONOPOLY® PROJECT
CHART OF ACCOUNTS
Account
Number
Account Title
Normal
Balance
ASSETS
101
110
120
130
140
150
Cash
Investment in Railroads
Investment in Utilities
Property Title Deeds
Houses
Hotels
Debit
Debit
Debit
Debit
Debit
Debit
LIABILITIES
201
210
Mortgage Payable
Notes Payable
Credit
Credit
EQUITY
301
305
Player’s Capital
Player’s Withdrawals
Credit
Debit
REVENUES
401
405
410
415
420
425
Salary Income
Rental Income
Dividend Income
Inheritance Proceeds
Life Insurance Proceeds
Miscellaneous Income
Credit
Credit
Credit
Credit
Credit
Credit
EXPENSES
501
505
510
515
520
525
530
535
540
545
550
Rent Expense
Income Tax Expense
School Tax Expense
Poor Tax Expense
Luxury Tax Expense
General Repairs Expense
Street Repairs Expense
Hospital Expense
Doctor’s Fee Expense
Jail Fee Expense
Miscellaneous Expense
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
MONOPOLY® PROJECT
GENERAL JOURNAL
Date
or #
Account Titles and Explanation
P.R.
Debit
Credit
MONOPOLY® PROJECT
GENERAL JOURNAL
Date
or #
Account Titles and Explanation
P.R.
Debit
Credit
MONOPOLY® PROJECT
GENERAL JOURNAL
Date
or #
Account Titles and Explanation
P.R.
Debit
Credit