Accounting

Player 1 Monopoly® Events

Entries 1: (January) 1. Received $1,500 with issuance of Common Stock.

2. Purchased St. James Place for $180.

3. Purchased Indiana Avenue for $220.

4. Community Chest: Won second place in a beauty contest and received $10.

5. Went to jail! Did not pass Go or collect $200.

Entries 2: (February)

6. Paid $50 to get out of jail.

7. Bought a house for St. James Place for $100.

8. Landed on Illinois Avenue. Paid rent of $20.

9. Purchased Pacific Avenue for $300.

10. Bought a house for Indiana Avenue for $150.

Entries 3: (March)

1. Bought a house for Pacific Avenue for $200.

2. Landed on Luxury Tax and paid $100.

3. Passed Go and collected $200.

4. Purchased Baltic Avenue for $60.

5. Purchased Oriental Avenue for $100.

6. Paid rent of $12.

7. Paid Railroad Use expense of $25.

8. Received rent of $130 from Pacific Avenue.

9. Bought a house on Pacific Avenue for $200.

10. Paid $24 in rent.

Entries 4: (April)

1. Bought a house on Oriental Avenue for $50.

2. Passed Go and collected $200.

3. Paid Income Tax of $200.

4. Received rent of $390 from Pacific Avenue.

5. Bought a house on Oriental Avenue for $50.

6. Paid $180 in rent.

7. Paid Railroad Use expense of $25.

8. Received rent of $70 from St. James Avenue.

9. Paid rent of $26.

10. Took out a $1,000 loan on May 1.

Entries 5: (May)

1. Paid rent of $150.

2. Passed Go and collected $200.

3. Received rent of $90 from Indiana Avenue.

4. Paid rent of $150.

5. Bought a house on Baltic Avenue for $50.

6. Paid Railroad Use expense of $25.

7. Went to jail! Did not pass Go or collect $200.

8. Paid $50 to get out of jail.

9. Received $90 in rent from Oriental Avenue.

10. Purchased Connecticut Avenue for $120.

Entries 6: (June)

1. Paid Railroad Use expense of $50.

2. Received $70 for rent from St. James Place.

3. Bought a house for Connecticut for $50.

4. Community Chest: Paid the doctor’s fee of $50.

5. Bought a house on Indiana Avenue for $150.

6. Chance: Get Out of Jail Free card.

7. Paid rent of $180.

8. Paid Electric Company charge of $60.

9. Received $20 rent from Baltic Avenue.

10. Bought a house for Pacific Avenue for $200.

Entries 7: (July)

1. Purchased B&O Railroad for $200.

2. Passed Go and collected $200.

3. Paid Income Tax of $200.

4. Took out a $1,000 loan on July 1.

5. Chance: Advance to Boardwalk Avenue. Paid $600 rent.

6. Passed Go and collected $200.

7. Bought a house for Pacific Avenue for $200.

8. Received $250 in rent from Indiana Avenue.

9. Received $70 in rent from St. James Place.

10. Paid $330 in rent.

Entries 8: (August)

1. Chance: Received $50 dividend from the Bank.

2. Bought a house for St. James Place for $100.

3. Purchased Ventnor Avenue for $260.

4. Took out a $1,000 loan on August 1.

5. Paid rent of $400.

6. Received $250 in rent from Indiana Avenue.

7. Bought a house for Indiana Avenue for $150.

8. Paid rent of $75.

9. Received rent of $22 from Ventnor Avenue.

10. Received rent of $90 from Oriental Avenue.

Entries 9: (September)

1. Chance: Selected Chairman of the Board and have to pay each player $50. Assume there are three other

players.

2. Took out a $1,000 loan on September 1.

3. Community Chest: Holiday Fund matures and receive $100.

4. Receive rent of $1,100 from Pacific Avenue.

5. Receive rent of $20 from Baltic Avenue.

6. Bought a house for Indiana Avenue for $150.

7. Received $25 in Investment Revenue from B&O Railroad.

8. Paid Luxury Tax of $100.

9. Passed Go and collected $200.

10. Received rent of $875 from Indiana Avenue.

Entries 10: (October)

1. Received rent of $40 from Connecticut Avenue.

2. Bought a hotel for Pacific Avenue for $200.

3. Paid $625 in rent.

4. Chance: Go to Jail! Used the Get Out of Jail Free card.

5. Bought Water Works for $150.

6. Receive rent of $875 from Indiana Avenue.

7. Receive rent of $22 from Ventnor Avenue.

8. Bought a house for Oriental Avenue for $50.

9. Paid rent of $700.

10. Receive rent of $200 from St. James Place.

Entries 11: (November)

1. Chance: Paid speeding fine of $15.

2. Received rent of $1,275 from Pacific Avenue.

3. Community Chest: Received $50 from sale of stock.

4. Bought a house for St. James Place for $100.

5. Paid rent of $1,100.

6. Received rent of $20 from Baltic Avenue.

7. Received rent of $270 from Oriental Avenue.

8. Chance: Make repairs on property of $25 for each house and $100 for each hotel.

9. Receive rent of $550 from St. James Place.

10. Bought a hotel for $150 for Indiana Avenue.

Entries 12: (December)

1. Paid rent of $1,500.

2. Passed Go and collected $200.

3. Receive rent of $40 from Connecticut Avenue.

4. Receive rent of $1,275 from Pacific Avenue.

5. Bought a house for Oriental Avenue for $50.

6. Paid rent of $1,150.

7. Received rent of $1,050 from Indiana Avenue.

8. Received rent of $22 from Ventnor Avenue.

9. Passed Go and collected $200.

10. Chance: Advance to Boardwalk. Paid $2,000 in rent.

1

Monopoly® Rules and Instructions—Online

Directions for Play

1. Download the Excel Template and

rename it

YourlastnameFirstinitialPlayer#. You will

be recording all journal entries, in T-

account format. As you record the

entries, the spreadsheet will

automatically fill-in the Trial Balance and

the Financial Statements. (In other

words, all the Excel formulas, etc., are

already done. If you delete something

or get the spreadsheet completely

wrong, you can always download the

template again and start over, or find

the correct formulas and insert them

into your spreadsheet.)

2. Review the events that your Player

incurs. While not required or graded,

you may want to record the journal

entries for each event on the Journal

Pages by hand before recording them

on the Excel T-accounts.

3. The Excel Template has two tabs.

Record Entries through June on the Mid

Year tab first! You will be submitting

your spreadsheet at this point for a

grade. If you have any questions along

the way, PLEASE reach out to the GTA

for assistance.

4. Once you get feedback on Mid Year, you

will need to transfer all balances from

the Mid Year Trial Balance to the T-

accounts (as the beginning balances) on

all accounts on the Full Year tab. Be

sure the Trial Balance on the Full Year

matches the Mid Year BEFORE entering

entries for July through December.

5. Enter transactions for July through

December. This will be graded and

feedback will be given.

6. The final step is to record the adjusting

entries for depreciation and interest.

This final spreadsheet will be submitted

for a grade.

Guidelines for Recording Specific

Events

1. Original receipt $1,500 from the bank to

create your company. (This will be a debit

to Cash and a credit to Common Stock.)

2. When you “land” on a property, you will

purchase it.

a. Record name of property and cost in

Property List below. This will be

helpful when calculating depreciation

or other events.

b. Property is recorded in journal as

Land.

3. You must pay rent expense when you

“land” on a property that is owned by

another player.

4. In Jail? You must pay $50 and get out of

jail. You will record this as Fines and

Penalties Expense.

5. You may buy a house for a property

without owning a monopoly.

a. Record the houses and cost on the

property list.

6. Purchasing a railroad or utility?

a. Record it as Investment—Railroad or

Investment—Utility

b. When another player lands on the

space, you will record the revenue as

Investment Revenue, and they will

record it as Utilities Expense or

Railroad Use Expense.

2

7. When you land on or pass GO, you will

receive $200 as an additional capital

investment. Record as Cash and Common

Stock.

8. When you land on Income Tax or Luxury

Tax, you will record as Tax Expense. Use

the standard $200 dollars for Income Tax.

9. Land on Community Chest or Chance,

follow the instructions on the card and refer

to the table below for any clarifications

regarding journal entries.

10. If you run out of money, take out a loan in

increments of $1,000. Interest will be

charged on all notes payable as an

adjusting entry at year-end.

a. Record the loans on the

Loan/Interest Schedule below.

b. Interest of 24% (2% per month) will

be charged on the outstanding notes

payable.

c. Do not repay the loans.

11. Depreciate full year on all properties held at

end of year, regardless of month

purchased.

a. Depreciable life for houses is 10

years and 15 years for hotels.

b. If you own only hotels add the cost

of all four houses plus the cost of the

hotel to come up with the

depreciable cost. If you have houses

use the cost of the houses as the

depreciable cost.

c. Round depreciation amounts to the

nearest whole dollar.

d. Do not depreciate Railroads and

Utilities as they are investments and

are not used up over time.

Community Chest and Chance Cards

Hospital Fees $100 Miscellaneous Expense

Consulting Fee $25 Miscellaneous Revenue

Birthday $10 Miscellaneous Revenue

Inherit $100 Miscellaneous Revenue

Sale of Stock $50 Miscellaneous Revenue

Beauty Contest $10 Miscellaneous Revenue

Street Repairs Assessment

Varies Fines and Penalties Expense

Bank Error $200 Miscellaneous Revenue

Get out of Jail Free

$50 Prepaid Fines

Doctor’s fee $50 Miscellaneous Expense

Holiday Fund $100 Miscellaneous Revenue

Life Insurance $100 Miscellaneous Revenue

School Fees $50 Fines and Penalties Expense

Tax Refund $20 Decrease (CR) Tax Expense

Speeding Fine $15 Fines and Penalties Expense

Building Loan Matures

$150 Miscellaneous Revenue

Bank Dividend $50 Dividend Revenue

Repairs on Property

Varies Miscellaneous Expense

Chairman of Board

$50 Salary Expense

3

Chart of Accounts

Assets:

Cash

Prepaid Fines

Land

Investments—Railroads

Investments—Utilities

Buildings—Houses

Accumulated Depreciation—Houses

Buildings—Hotels

Accumulated Depreciation—Hotels

Liabilities:

Notes Payable

Interest Payable

Equity:

Common Stock

Retained Earnings

Revenues:

Rent Revenue

Salary Revenue

Investment Revenue—Railroads

Investment Revenue—Utilities

Miscellaneous Revenue

Dividend Revenue

Expenses:

Rent Expense

Tax Expense

Fines and Penalties Expense

Repairs and Maintenance Expense

Interest Expense

Depreciation Expense—Houses

Depreciation Expense—Hotels

Miscellaneous Expense

Utilities Expense

Railroad Use Expense

Sample Transactions (The amounts are examples.)

Receiving $1500 at the Beginning of the Game

Cash 1500

Common Stock 1500

Buying Property

Land 400

Cash 400

Buying a House

Building – House 200

Cash 200

Someone Lands on Your Property

Cash 120

Rent Revenue 120

You Land on Someone’s Property

Rent Expense 120

Cash 120

You Land on Income/Luxury Tax

Tax Expense 200

Cash 200

Receive a Get Out of Jail Free Card

Prepaid Fines 50

Common Stock 50

Using Your Get Out of Jail Free Card

Fines & Penalties Expense 50

Prepaid Fines 50

Making an Interest Payment on Debt of $1000

Interest Expense 20

Cash 20

4

Property List

Record cost of each house:

Name of Property 1st House 2nd House 3rd House 4th House Hotel

Notes Payable

Month Amount: Principal

Rate Per Month: 2%

Number of Months Outstanding: Time

Interest= Principal * Rate * Time