ACCT001A Pasadena City College Accounting and Monopoly Reports

Content Type

User Generated

User

Zlxrcyrecynarg

Subject

Business Finance

Course

ACCT001A

School

Pasadena City College

Description

Hiii there! how are you? There is a quite hurry project about accounting and monopoly all picture are requirement and statics from OCT and NOV. yes It require 2 reports which explain the statics from OCT and NOV. I am going to show your final example and reference of the reports which I got from my friends.

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CHART OF ACCOUNTS 70 CURRENT ASSETS 101 Cash 102 Notes Receivable 103 Prepaid Insurance 104 Supplies REVENUE 401 Rental Revenue 402 Consulting Revenue 403 Interest Income 404 Other Revenue PROPERTY, PLANT AND EQUIPMENT 150 Property 151 Railroads/Utilities 152 Houses/Hotels 153 Accumulated Depreciation:Railroads 154 Accumulated Depreciation:House/Hotels EXPENSES ah CURRENT LIABILITIES 201 A/P 202 Notes Payable 203 Interest Payable 204 Taxes Payable 205 Dividends Payable On 2 Daba 501 Rent Expense 502 Utility Expense 503 Interest Expense 504 Depreciation Exp: : Railroads/Utilities 505: Depreciation Exp: Houses Hotels 506 Advertising Exp 507 Maintenance & Repair Expense 508 Income Tax Expense 509 Medical Expense 510 Insurance Expense 511 Supplies Expense 512 Misc Expense LONG TERM LIABILITIES 220 Notes Payable anib Bob Oth STOCKHOLDERS EQUITY 300 Common Stock 301 Retained Earnings 302 Dividends Bank-wo General Journal Debit Credit Date Account # ane Cash boctota 010 # B 010 aunkt hives Boo to recul pur chane hase on Alf Arrue) Rere expense ao Cash (z recone here expense ko To recoul pindare of hare on Med cash 330 Rene Rerunje (7o reord Rene Revunue on 410 Avnue Xehe expenso 4 cash 14 내 To record Rent expense on accoune Cash 8 & pen't (70 beword Revenue or acou he of water wittes 330 08/10/2009 Х u to pevenue X U о P 7 } 1 HOME 5 General Journal Date Account # Debit Credit 4/1/2014 Rent Expense 102 record Rent Expense an account Entertainment Expense Cash 767 Deard entertatment expense on a count) un 2017 30 30 Rene Rene hue (2 hould Rene Revenue on Ari of 7 4 12 22 Rene Expense Cash a necord expense an Acc Cash Pene Revenue to record Pere hue at Pear on Augune) houhe ܒܓܐ܂ 40 Jozmn2011 obli2014 ξο Income Taxes Expense ha hecaral Tex Expense Rene expense cash (to recoul Rent expense on account house 50 Cash to recold prichane house on Mediterr. Cash 200 tuby counsulting Revenue To record to mtu2.00 Townsulting Renone suu 10 AFTER PLAYING THE GAME - NEXT STEPS A. Review all of your journal entries to be sure the debits and credits match. Add the account numbers from page 3 in the account #column. 1. Starting with October, post the journal entries for October to the General Ledger (the T accounts). The goal is to have the cash on the Audit sheet match the cash on the T account. If they do not match - there will be a correcting entry. 2. With these balances prepare a Trial Balance for October. 3. Prepare the adjusting entries for supplies, insurance, depreciation and interest (if you borrowed money during the month. 4. Post these to the General Ledger and prepare an Adjusted Trial Balance. 5. Prepare the October closing entries for the temporary accounts and post to the general ledger. 6. Prepare a Post-Closing Trial Balance. 7. Prepare the Income Statement, Statement of Stockholders Equity and Balance sheet for October 8. Taking the October balance sheet account balances (which are the same balances as on your Post-Closing Trial Balance), enter these as the beginning balances in the November General Ledger T accounts). 9. Continue posting the November transactions in the November General Ledger. 10. Prepare a November Trial Balance. 11. Prepare the November adjusting entries and post to the General Ledger and prepare a November adjusted Trial Balance. 12. Prepare the November closing entries for the temporary accounts and post to the general ledger. 13. Prepare a Post-closing Trial Balance. 14. Prepare the Income Statement, Statement of Stockholders Equity, Balance Sheet, and Cash Flow Statement for November. EOM (OCT) and EOY (NOV) Adjusting & Closing Entries Adjusting and closing entries can be done at home. Adjusting and closing entries are internal transactions and are not part of the rolling of the dice. Leave space on the General Journal to enter adjusting and closing entries at the end of the month. 1. Depreciation should be calculated using Straight line 10 year life for Railroads and Utilities and a 8 year life for House/Hotels (numbers will be small). 2. 25% of Supplies balance is used in October. In November you use 25% of the balance at the end of October. 3. Fifty percent of prepaid insurance expires at the end of October, and the other 50% at the end of November. 4. If you If you borrowed money you will need to accrue 1% of the amount borrowed. 60 ter o . F10 Special Spaces ournal DELETE be income tax expense. For example, if you had $1000 in cash you would pay $100 to the bank. INCOME TAX-Pay 10% of your cash and property value to a maximum of $200. This will SERT If you had $1000 and property Baltic (60), Oriental ($100) and States ($140) which totals $1300 you would pay $130. If it is more than $2000 you only have to pay $200. JUST VISITING JAIL - No Transaction. N Lo Free Parking - Get another roll--no transaction to record 7 HOME GO TO JAIL - Go to the IN JAIL corner. You must pay $50 and record as Miscellaneous Expense. 5 ? Chance - Pick a chance card from the center of the board. Go to Table 1 for directions. Community Chest - Pick a Community Chest card from the center of the board. Go to Table 1 for directions. Luxury Tax - Pay $75 to the bank. Record it as Income Tax Expense. DEL TABLE ONE LEGEND FOR COMMUNITY CHEST AND CHANCE CARDS TRANSACTION Hombre CARD Keep until Community Chest Get of out Jail Free Pay Hospital $100 Pay School Tax $150 Assessed for Street Repairs Bank Error in Your Favor you need it - no transaction recorded Pay to bank and record it as a Medical Expense Debit Income Tax Expense (Asset)/Pay to Bank Maintenance & Repair Expense Interest Income Chance Get out of Jail Free Go to Jail Bank pays Dividends Pay Poor Tax Make General Repairs Keep it until you need it Go to Jail, no $200. Pay $50 to bank to get out Interest Income Debit Income Tax Expense Maintenance & Repair Expense
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Explanation & Answer

Attached.

OCTOBER JOURNAL ENTRIES
DATE
10/1/2019
10/2/2019
10/6/2019
10/7/2019
10/8/2019

PERTICULARS
Stock
Bank
Consulting revenue
Rent income
Rent income

CASH ACCOUNT
DR
3000
250
200
330
8

3788

DATE

PARTICULARS
10/31/2019 Closing balance

DR
3850
3850

DATE

DATE

PARTICULARS
10/31/2019 Closing Balance

DATE

PARTICULARS
10/5/2019 Cash

TRIAL BALANCE
AS AT 31ST OCTOBER 2019
PARTICULARS
Cash
Common stock
Property
Rent expense
Rent revenue

PROPERTY ACCOUNT
DR

PARTICULARS
10/1/2019 Common Stock

850
850
CONSULTING REVENUE ACCOOUNT
DR
200
200
SUPPLIES ACCOUNT
DR
1000
1000

DR

CR
834
3850
850
204
338

House
Insurance
Supplies
Consulting revenue
TOTALS

750
750
1000
200
4388

4388

INCOME STATEMENT FOR OCTOBER
FOR MONTH ENDING 31/10/2019
Revenue
Rental Revenue
Consulting Revenue

DR

CR
338
200
538

EXPENSES
Rent Expense
Supplies expense
House Depreciation expense
insurance expense
Interest expense
Net Income

204
250
6.25
375
0.21

835.46
(297.46)

STATEMENT OF STOCKHOLDER'S EQUITY
AS AT 31ST NOVEMBER 2019
Common Stock
10/31/2019
10/31/2019

Retained earnings
3850
(297.46)

totals

BALANCE SHEET FOR OCTOBER
AS AT 31/10/2019
PPE
Property
Houses
Depreciation
CURRENT ASSETS
Cash
Prepaid insurance
Supplies
TOTAL ASSETS
STOCKHOLDER'S EQUITY...