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Monopoly Accounting Simulation
Transcript of Monopoly Accounting Simulation
To record contribution of capital at the start of the game.
Pay Income Tax
Income Tax Expense $200
To record lesser of $200 or 10% of assets for landing on Income Tax.
Purchase Railroad Property
Railroad Property $200
To record purchase of Reading Railroad for $200.
Purchase Rental Property
Rental Property-Vermont $100
To record purchase of rental property Vermont Ave.
Land on Income Tax Square
Land on unowned railroad
Land on owned rental property
Land on unowned rental property
Pay Rent Expense
Rent Expense $10
To record rental payment for landing on another player's rental property.
Land on unowned Electric Company
Purchase Utilities Property
Utilities Property $150
To record purchase Electric Company for $150.
Land on Community Chest
Each of these Community Chest cards are recorded the same way
Investment Income Entry
Investment Income $100
To record collection of Community Chest card for fund maturation.
Each of these Community Chest cards are recorded the same way.
Miscellaneous Income Entry
Miscellaneous Income $25
To record collection of Community Chest card for services received.
Medical Expense $100
To record payment of medical expense from Community Chest card.
Other Tax Expense
To record payment of school tax from Community Chest card.
Other Tax Expense $150
Land on Free Parking
Free Parking Revenue
Free Parking Revenue $500
To record receipt of $500 for landing on Free Parking.
Some Chance Cards will send you to another square.
However, the player may have to pay rent expense or may buy the property if unowned.
Drawing this card does not require a journal entry be made.
Investment Income $150
To record cash receipt from Chance card for Building and Loan maturing.
These two Chance cards are recorded as Investment Income
Landed on a railroad owned by an opponent
Transportation Expense $25
To record payment of transportation expense when landing on opponent's railroad
Both of these Community Chest cards will be recorded as Medical Expense.
Land on Water Works
Utilities Expense $28
To record Utilities Expense after rolling a seven and landing on opponent's Water Works.
Going to Jail
Can happen three ways
Land on the Go To Jail square.
Land on a Chance or Community Chest Card
Roll doubles three consecutive times.
Once in Jail, there are 3 ways to leave.
Use A Get Out of Jail Free Card
No journal entry is required.
No journal entry is required
Pay to get out (Legal Expense)
Legal Expense $50
To record $ 50 payment for Legal Expense after failing to get out of Jail after three attempts.
Opponent Lands on Rental Property
Rent Revenue $26
To record receipt of rent revenue when opponent lands on your property.
Rental Property with Houses
Rent Revenue $450
To record Rent Revenue when opponent lands on Pennsylvania Ave. with two houses.
To record purchase of hotels on Park Place & Boardwalk
To record $200 Salary Revenue for passing Go or $400 for landing on Go
Salary Revenue $200