Question

ACCT 6003 Make-Up Work for Monopoly - Year 1 Transactions to Record: Contributions to the new business by the owner: $1,500 cash and Mumford Street Tvalue $100) Purchase of the Orient Express Railroad for $200. Payment of rent for $7. Collection of $50 dividend income. Payment of rent for $12. Purchase of State Street property for $125. Pass GO - Collect consulting revenue of $200 Payment of rent for $25. 9) Collect transportation revenue of $400 from passengers on your railroad. 10) Collect rent from State Street property of $5. 11) You join a professional organization. Pay $250 in membership fees. 12) Pay $150 to the owner of the Western Railroad. Pay $15 to the owner of Bright Idea Electric Utility Sell State Street property for $140, resulting in a $15 gain on disposal. 15) Pay rent expense of $26./ 16) Pay rent expense of $24. Adjusting Entry: Income tax expense for Year 1 should be $50. Record the appropriate entry to ensure that this is the balance in this account. (Your offset will be an income tax payable or income tax receivable.) Closing Entries: Zero out all revenue and expense accounts and transfer their balances to Retained Earnings before proceeding to Year 2. 18) 19) Carryforward all balance sheet account balances (assets, liabilities, and owner's equity) to Year 2 worksheets.

record the above transactions for year 1using monopoly general ledger (horizontal analysis worksheet -excell) provided. follow the instructions in the first page.

Answer 1

credita Vehits 1500 Parluulan Cash No Asset (manlond) Alc Capital Alc 100 200 200 . 2) | Rail Road cash Rent Cash Stale streer Properly cash Rent Cashi S Dividend Cash Consulting revenue Cash 200 Rent Scanned, with Camsesner

| Cash • 400 Trans postais Revenue Cash Rent received Drawings Cash Transportation Expense Cash Cash utility Cash State Street Property Capital gain Rent Cash 14. 15. Rent Cash Scanned with CamScanner