Question

Use the following transactions to make the following:

Journal entries

Posting to T-accounts

Trial balance

Statement of Retained Earnings

Income Statement

Balance sheet

Transactions:

Starting cash on hand (COH): $2,000 (10 rolls)

List of transactions:

1. Bought Mediterranean Avenue (-$60), COH: $1,940

2. Bought Oriental Avenue ($100), COH: $1,840

3. Bought St. Charles Place ($140), COH: $1,700

4. Landed on St. James Place (already purchased), had to pay rent $50, COH: $1,650

5. Bought Atlantic Avenue ($260), COH $1,390 + $200 because passed GO space ($1,590)

6. Landed on community chest, had to pay rent $100, COH: $1,490

7. Landed on New York Avenue (already purchased), had to pay rent $80, COH: $1,410

8. Landed on community chest, had to pay rent $50, COH $1,360

9. Bought Pacific Avenue ($300), COH $1,060

10. Bought Reading Railroad ($200), COH $860

Total cash expended during the game: $1,140

Cash on hand at the end: $860

Answer 1

TRIAL BALANCE
Particulars	Ref	Debit Balance	Credit Balance
Cash Balance		2000
Mediterranean Avenue A/C	1		60
Oriental Avenue A/C	2		100
St. Charles Place A/C	3		140
Rent- St. James Place	4		50
Atlantic Avenue	5		260
Go Space passed	5	200
Rent- Community Chest	6		100
Rent- New York Avenue	7		80
Rent- Community Chest	8		50
Pacific Avenue A/c	9		300
Reading Rail Road A/C	10		200
Cash on Hand			860
TOTAL		2200	2200

CASH ACCOUNT
Particulars	Debit($)	Particulars	Credit($)
To Balance c/f	2000	By Fixed Assets Purchased
		1. Mediterranean Avenue	60
		2. Oriental Avenue	100
		3. St. Charles Place	140
		5. Atlantic Avenue	60
		9. Pacific Avenue	300
		10. Reading Railroad	200
		By Rent Paid
		4. For St. James Place	50
		6. For Community chest	100
		7. New York Avenue	80
		8. Community chest	50
		By Balance b/d	860
Total	2000	Total	2000

INCOME STATEMENT
REVENUES	Amount ($)
Cash	2000
Go Space	200
EXPENSES
Rent	280
Additions to Fixed Assets	1060
NET INCOME	860

BALANCE SHEET
Assets		Liabilities
Cash	860	Retained Earnings	1920
Land and Building	1060
	1920		1920