ACCT 211

Monopoly Project

Cash Balance $1,358

Ended Space #: 6

J&P Enterprise
Monopoly Project

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Hannah Pfenning

ACCT 211

ACCT 221

Monopoly Project

Cash Balance: $1,358

Ended Space #: 6

Journal Entries
1. Cash
Accounts Receivable
Accounts Payable
J&P Enterprise, Capital
2. Land

1,500
500
200
1,800
180
400
260
220
320
100
60
280
120
100
240
150
200
200

J&P Enterprise, Capital

3. Building
Cash
4. Rent Expense
Cash
5. Cash
Rent Revenue
6. Rent Expense
Cash
7. Building
Cash
8. Cash
Miscellaneous Revenue
9. Cash
Rent Revenue
10.Tax Expense
Cash
11.Cash
Investment Revenue
12.Tax Expense
Cash
13.Cash
Rent Revenue
14.Rent Expense
Cash
15.Rent Expense
Cash
16.Cash

2,830
700
700
50
50
40
40
50
50
300
300
200
200
110
110
75
75
200
200
200
200
6
6
50
50
80
80
100
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J&P Enterprise

ACCT 221

Monopoly Project

Cash Balance: $1,358

Ended Space #: 6

Rent Revenue
17.Bail Expense
Cash
18.Medical Expense
Cash
19.Cash
Insurance Revenue
20.Cash
Investment Revenue
21.Tax Expense
Cash
22.Cash
Rent Revenue
23.Building
Cash
24.Utilities Expense
Cash
25.Cash
Investment Revenue
26.Tax Expense
Cash
27.Rent Expense
Cash
28.Cash
Rent Revenue
29.Cash
Miscellaneous Revenue
30.Cash
Investment Revenue
31.Tax Expense
Cash
32.Cash
Rent Revenue
33.Rent Expense
Cash
34.Rent Expense
Cash
35.Cash
Investment Revenue

100
50
50
50
50
100
100
200
200
150
150
100
100
200
200
40
40
200
200
200
200
50
50
200
200
20
20
200
200
200
200
120
120
50
50
220
220
200
200

Adjusting Entries
I.

Cash

577
Miscellaneous Revenue

II.

Investment Receivable

577
30

Investment Revenue
III.

Depreciation Expense Building

30
240
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J&P Enterprise

ACCT 221

Monopoly Project
Accumulated Depreciation- Building

Cash Balance: $1,358

Ended Space #: 6
240

General Ledger
Cash

7 | Page
J&P Enterprise

ACCT 221
1)
5)

Monopoly Project
1,500
40

8)
9)

200
110
11)
200

3)
4)

700
50

6)
7)

50
300

10)

75

12) 200

13)
6 14)
15)

50
80

16)

100 17)
18)

50
50

19)
20)

100
200 21) 150

22)

100 23) 200

24)
40

25)

200

28)
29)
30)

200
20
200

32)

120

35)
I)

Cash Balance: $1,358

Ended Space #: 6

26) 200
27)
50

31) 200
33)
50
34) 220

200
577
$1,358

Accounts Receivable
1) 500
$500
Investment Receivable
II)

30
$30
Land

2)

180
7 | Page
J&P Enterprise

ACCT 221

Monopoly Project

Cash Balance: $1,358

Ended Space #: 6

400
260
220
320
100
60
280
120
100
240
150
200
200
$2,830
Building
3)
7)
23)

700
300
200
$1,200
Accumulated Depreciation - Building
III)

240
$240
Accounts Payable

1)

200
$200
Rent Revenue

5)
9)
13)
16)
22)
28)
32)

40
110
6
100
100
200
120
$676

Investment Revenue
11)
20)
25)
30)
35)

200
200
200
200
200
7 | Page
J&P Enterprise

ACCT 221

Monopoly Project
I)

Cash Balance: $1,358

Ended Space #: 6

30
$1,030
Miscellaneous Revenue

8)
200
29)
20
II)
577
$797
Insurance Revenue
19)

100
$100
Rent Expense

4)
50
6)
50
14)
50
15)
80
27)
50
33)
50
34) 220
$550
Tax Expense
10)
12)
21)
26)
31)

75
200
150
200
200
$825
Utilities Expense

24)

40
$40
Medical Expense

18)

50
$50
Bail Expense

17)

50
$50
Depreciation Expense

II)

240
7 | Page
J&P Enterprise

ACCT 221

Monopoly Project

Cash Balance: $1,358

Ended Space #: 6

$240
J&P Enterprise, Capital
1)
2)

1,800
2,830
$4,630

J&P Enterprise
Trial Balance
December 31, 2010

Cash

1,358

7 | Page
J&P Enterprise

ACCT 221

Monopoly Project

Cash Balance: $1,358

Ended Space #: 6

Accounts Receivable

500

Investment Receivable

30

Land

2,830

Building

1,200

Accumulated Depreciation

240

Accounts Payable

200

J&P Enterprise, Capital

4,630

Rent Revenue

676

Investment Revenue

1,030

Miscellaneous Revenue

797

Insurance Revenue

100

Rent Expense

550

Tax Expense

825

Utilities Expense

40

Bail Expense

50

Medical Expense

50

Depreciation Expense

240

Totals

7,673

7, 673

J&P Enterprise
Income Statement
For Year Ended December 31, 2010
Revenues:
Rent Revenue
Investment Revenue

$ 676
1,030
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J&P Enterprise

ACCT 221

Monopoly Project

Cash Balance: $1,358

Ended Space #: 6

Miscellaneous Revenue

797

Insurance Revenue

100

Total Revenues
$2,603
Gross Profit
$2,603
Operating Expenses:
Selling Expenses:
Rent Expense

$ 550

Tax Expense

825

Depreciation Expense

240

Total Selling Expenses

$1,615

General and Administrative Expenses

Utilities Expense

40

Bail Expense

50

Medical Expense

50

Total General and Administrative

Expenses

$140

Total Operating Expenses

(1,755)
Operating Income
$848
Net Income
$848

J&P Enterprise
Statement of Changes in Owners Equity
For Year Ended December 31, 2010

7 | Page
J&P Enterprise

ACCT 221

Monopoly Project

Cash Balance: $1,358

Ended Space #: 6

J&P Enterprise, Capital, January 1, 2010

$4,630
Net Income
848
J&P Enterprise, Capital, December 31, 2010
$5,478

J&P Enterprise
Balance Sheet
December 31, 2010
7 | Page
J&P Enterprise

ACCT 221

Monopoly Project

Cash Balance: $1,358

Ended Space #: 6

Assets
Current Assets
Cash

$1,358

Accounts Receivable

500

Investment Receivable

30

Total Current Assets

$1,888
Property and Equipment
Land

$2,830

Building

1,200

Accumulated Depreciation

(240)

Total Property and Equipment

$3,790
Total Assets
$5,678
Liabilities
Current Liabilities
Accounts Payable

$200

Total Current Liabilities

$200

Total Liabilities
$200
Owners Equity
J&P Enterprise, Capital
$5,478
Total Liabilities and Owners Equity
$5,678

7 | Page
J&P Enterprise

ACCT 221

Monopoly Project

Cash Balance: $1,358

Ended Space #: 6

J&P Enterprise
Cash Flow Statement
For Year Ended December 31, 2010
Cash Flows From Operating Activities
Net Income

$5,478

Adjustments From Operating Activities

Add: Depreciation Expense

240

Less: Increase in Investment Receivable

(30)
Net Cash Provided by Operating Activities

$5,688

Net Increase in Cash

$5, 688

Cash January 1

$1,358

Cash December

$7,046

7 | Page
J&P Enterprise