Monopoly Tournament Project Introduction The purpose of this…
Question Answered step-by-step Monopoly Tournament Project Introduction The purpose of this… Monopoly Tournament ProjectIntroductionThe purpose of this project is to prepare journal accounts, T-accounts, trial balances, and balance sheets. Students will engage in at least three rounds of Monopoly, either in an online forum or with friends and family. If playing an online version, follow the rules set forth by the online game venue. If playing with friends and family, follow the rules in this packet. Please read all the information in this packet before starting your tournament. You may use any online Monopoly game you choose. At the time this assignment was written, this one (Links to an external site.) had the fewest ads. Summary of Project Requirements and Point Values (total of 200 points possible)Participate in three rounds of game play 30 pointsJournal entries are in good form 50 pointsT-accounts are in good form, footed, and balanced 30 pointsTrial balance is completed in good form 30 pointsBalance sheets are presented in good form 60 points PROJECT REQUIREMENTSDuring Game PlayEach player will record the journal entry for each financial transaction encountered during the game on a general journal sheet. Journal entries will be dated sequentially beginning with the first day of the month. A day encompasses one turn for each player in the group. When the game play reaches the first player who rolled, the next day will begin. Students may work together to develop the journal entries during the game.After Game PlayIn the event your board game Monopoly tournament is note completed in one day, once the game play has ended for the day, players will write down their place on the board and any buildings owned on an index card. This card will be placed in a Ziploc bag with their money, buildings, and deed cards. Students will pick up where they leave off at the beginning of the next round of play. Students should make a note regarding how much cash they have on hand at the end of each round. After each round, students will post their journal entries to T-accounts. The T-accounts may be done by hand or using a computer program (such as Excel). The cash balance in the T-account should match the amount of cash on hand at the end of the round. If it does not, an entry will be recorded as follows: If the student is short: Cash Short and Over xx Cash xx If the student is over: Cash xx Cash Short and Over xx After the final round of play, students will determine their total assets using the following formula:Total value of properties + total value of buildings + total cash on hand = total assetsStudents will determine their net worth using the following formula:Total assets – total liabilities = net worthOnce all journal entries are recorded, students will post the last batch of transactions to their T-accounts and prepare a trial balance. Once the trial balance is completed, students will complete the financial statements in good form. CHART OF ACCOUNTS Asset Accounts (100-199)101 Cash111 Houses and Hotels121 Rental Property131 Utilities141 RailroadsLiability Accounts (200-299)201 Bank Loans Payable211 Mortgage Payable212 Interest PayableOwner’s Equity Accounts (300-399)311 Your Name, CapitalRevenue Accounts (400-499)401 Salary Income411 Rent Income421 Utility Income431 Transportation Income441 Investment Income451 Free Parking Income (if applicable)461 Miscellaneous Income471 Cash Short and OverExpense Accounts (500-599)501 Rent Expense511 Utility Expense521 Transportation Expense531 Repairs Expense541 Taxes Expense551 Jail Expense561 Miscellaneous Income*************************************************************************************************************************************************DIRECTIONS FOR BOARD GAME PLAY1. Each player will begin the game with $2,000, which should be recorded on the general journal sheet as an owner investment. This $2,000 will be distributed to each player by the banker in the following manner:3 $500 bills2 $100 bills2 $50 bills6 $20 bills5 $10 bills5 $5 bills5 $1 bills Standard Monopoly rules will apply with the following exceptions: The banker will place one $500 bill in the middle of the board. Any taxes and fines paid during the game will go in the middle of the board. If a player lands on free parking, he or she will receive all money in the middle of the board. If this happens, the banker will put another $500 bill in the middle of the board and start the process again.If a player passes Go, he or she receives $200 of salary income. If a player lands on the Go space or is directed there via Community Chest or Chance cards, the salary doubles to $400.Players do not have to own all properties in a color group to build on them. Players may purchases houses or hotels for their properties whenever it is their turn. The cost of a hotel is equal to the cost of 5 houses.Players who do not have enough cash to pay a bill must acquire cash by doing the following:Mortgage property for the values shown on the back of the property deed card.Sell houses and hotels back to the bank for what the player originally paid for them.Sell property back to the bank for the value shown on the game board.Borrow money from the back at a 10% interest rate.5. Players are not allowed to go bankrupt. 6. Players who find themselves in jail will have one attempt on their next turn to get out for free by rolling doubles. If doubles are not achieved, the player must pay a $50 fine and then move his or her token the number of spaces rolled Business Accounting ACC 101 Share QuestionEmailCopy link Comments (0)
