BUS181 - Service Business and Accounting Cycle - Accounting Assignment Help

Assignment Task

Module 1:  Service Business and Accounting Cycle
For the first part, we will revisit the Game of Monopoly that we played in Module 1.  

Use the following Chart of Accounts for your Journal Entries

1: Entry 1:  On January 1st, we roll a 10 and we purchase Land called Boardwalk for $400 cash.  Journalize the transaction in the correct Journal Entry format.  
2: Entry 2:  On January 2nd, our opponent lands on our property and pays us $25 cash in rent revenue.  Journalize the transaction in the correct Journal Entry format. 
3: Entry 3:  On January 3rd, we draw a community chest card and must pay a penalty for not shoveling snow from Boardwalk’s sidewalk for $10 cash.  Journalize the transaction in the correct Journal Entry format.  
4: Entry 4:  On January 4th, our opponent lands on Boardwalk again and owes us another $25.  But this time, they don’t have the money to pay us now, so they tell us they will pay us later.  Journalize the transaction in the correct Journal Entry format.  
5: If we started the game with a cash balance of $2,000, after the above 4 transactions, what would our ending cash balance be?  You can show it in a T Account as well if that helps. 
 

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