Accounting 201 Monopoly
Last updated 2016 Monopoly Rules For Accounting 201 Page 2 of 2
On Campus Classes: You must complete 25 transactions playing with your classmates.
Online Classes: You can do this yourself, but you must provide a screen shot of the beginning time and the ending time (two screen shots) which clearly shows the date and times. Screen shots are easily gotten by print screen or prtsc key.
Then complete all the work according to the rubric listed in the next page. Use the Excel spreadsheet provided. There are instructions in the Excel worksheet. LABEL YOUR EXCEL SPREADSHEET WITH YOUR NAME.
After you complete Monopoly, come back to this assignment. You will be given the work of another student to AUDIT for the second part of this assignment. Look to the right side of the screen for the name of the student.
Audit using the rubric attached. Submit the audit to the student in the assignment with an attachment to your comments AND the completed audit sheet must be submitted in the Monopoly AUDIT Assignment.
The class will use the same chart of accounts:
|
ASSETS |
LIABILITIES |
EQUITY |
REVENUES |
EXPENSES |
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101 Cash 102 Accounts Receivable 103 Land 104 Building |
201 Accounts Payable (if you need to borrow money from another player or owe because you have no cash left, use accounts payable) |
301 Common Stock (Initial $1500) 302 Retained Earnings |
501 Rent Revenue 502 Service Revenue (passing Go) 503 Misc income
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601 Rent expense 602 utility expense (rent to utilities), 603 transportation expense (rent to railroads), 604 fine expense (get out of Jail) 605 tax expense (luxury tax, community chest tax), 606 misc expense (all other expenses)
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Audited by: _________________________ Paper written by: __________________________
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Check status |
Check status |
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Online only. Starting and ending screen shots in Excel spreadsheet Appendix. Yes No |
N/A |
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Excel transaction summary (Journal Entry sheet) contains 25 Transactions – if not note how many transactions Yes No |
N/A |
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General Journal
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All transactions listed on monopoly worksheet have been included and referenced Yes No |
Debits = Credits Yes No |
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T-accounts
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T-accounts properly labeled, each transactions is referenced, and in order. Yes No |
Check totals on each account. If correct initial, if incorrect insert comment. Yes No |
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Trial Balance
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Check total on each column. Correct No
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Check total on each column, if correct initial. Yes No |
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Income Statement
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Match t-account totals on income statements. Only revenue and expense accounts should be on income statement. Correct No
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Revenue accounts/expense accounts/net income in correct order and net income computed. Yes No |
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Statement of Retained Earnings
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Beginning balance and net income reflected in ending balance. Correct No
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N/A |
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Balance Sheet
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Match t-account totals. Should only include balance sheet accounts. Correct No
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Current assets and current liabilities correctly computed. Assets = Liabilities + Equity Yes No |
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Working capital
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Calculated correctly current assets minus current liabilities. Current assets do NOT include property. Correct No
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Math is correct on working capital. |
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Current ratio
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Calculated correctly current assets and current liabilities. Correct No
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Calculated ratio correctly: current assets / current liabilities |