Team Battleship Transactions Cash 1,500 Owners Capital 1500 Purchase Oriental Avenue for $100 Answer: Land (Asset) $100 Cash (Asset) $100 Purchase St. Charles Place for $140 Land(Asset) 140 Cash(Asset) 140 Purchase Kentucky Ave for $220 Land(Asset) 220 Cash(Asset) 220 Pay $50 to get out of jail Answer: Fines & Penalty Expense $ 50 Cash (Asset) $ 50 Purchase States Ave for $140 Land(Asset) 140 Cash(Asset) 140 Pay $10 to another player for birthday (Hint: Debit Miscellaneous Expense) Miscellaneous Expense(Liability) 10 Cash(Asset) 10 Purchase Illinois Ave for $240 Land(Asset) 240 Cash(Asset) 240 Receive $50 from another player. (Hint: Use miscellaneous revenue) Cash(Asset ) 50 Miscellaneous Revenue(Asset) 50 Receive $100 from Community Chest Cash(Asset) 100 Miscellaneous Revenue (Equity) 100 Receive Rent Revenue of $6 from another player Cash(Asset) 6 Rent Revenue 6 Pass Go, Receive $200 Salary Cash(Asset) 200 Salary Revenue(Asset) 200 Chance: Life Insurance Matures, Receive $100 Cash(Asset) 100 Miscellaneous Revenue(Asset) 100 Receive Rent from opponent of $10 Cash(Asset) 10 Rent Revenue(Asset) 10 Land on utility company, pay expense of $60 Utilities Expense(Liability) 60 Cash(Asset) 60 Purchase St. James Place for $180 Land(Asset) 180 Cash(Asset) 180 Receive $14 for Rent from opponent Cash(Asset) 14 Rent Revenue(Asset) 14 Purchase B&O Railroad for $200 Investment Railroad(Asset) 200 Cash(Asset) 200 Purchase Ventnor Ave for $260 Land(Asset) 260 Cash(Asset) 260 Pay Rent to another player of $35 Rent Expense(Asset) 35 Cash(Liability) 35 Pass Go, Collect $200 Salary Cash(Asset) 200 Salary Revenue(Asset) 200 t-accounts prepare trial balance (make sure debit=credit) prepare financial statements Income statement Statement of owner’s equity Balance sheet
I have to create t-accounts and set up the
Team Battleship Transactions
- Cash 1,500
Owners Capital 1500
- Purchase Oriental Avenue for $100
Answer: Land (Asset) $100
Cash (Asset) $100
- Purchase St. Charles Place for $140
Land(Asset) 140
Cash(Asset) 140
- Purchase Kentucky Ave for $220
Land(Asset) 220
Cash(Asset) 220
- Pay $50 to get out of jail
Answer: Fines & Penalty Expense $ 50
Cash (Asset) $ 50
- Purchase States Ave for $140
Land(Asset) 140
Cash(Asset) 140
- Pay $10 to another player for birthday (Hint: Debit Miscellaneous Expense)
Miscellaneous Expense(Liability) 10
Cash(Asset) 10
- Purchase Illinois Ave for $240
Land(Asset) 240
Cash(Asset) 240
- Receive $50 from another player. (Hint: Use miscellaneous revenue)
Cash(Asset ) 50
Miscellaneous Revenue(Asset) 50
- Receive $100 from Community Chest
Cash(Asset) 100
Miscellaneous Revenue (Equity) 100
- Receive Rent Revenue of $6 from another player
Cash(Asset) 6
Rent Revenue 6
- Pass Go, Receive $200 Salary
Cash(Asset) 200
Salary Revenue(Asset) 200
- Chance: Life Insurance Matures, Receive $100
Cash(Asset) 100
Miscellaneous Revenue(Asset) 100
- Receive Rent from opponent of $10
Cash(Asset) 10
Rent Revenue(Asset) 10
- Land on utility company, pay expense of $60
Utilities Expense(Liability) 60
Cash(Asset) 60
- Purchase St. James Place for $180
Land(Asset) 180
Cash(Asset) 180
- Receive $14 for Rent from opponent
Cash(Asset) 14
Rent Revenue(Asset) 14
- Purchase B&O Railroad for $200
Investment Railroad(Asset) 200
Cash(Asset) 200
- Purchase Ventnor Ave for $260
Land(Asset) 260
Cash(Asset) 260
- Pay Rent to another player of $35
Rent Expense(Asset) 35
Cash(Liability) 35
- Pass Go, Collect $200 Salary
Cash(Asset) 200
Salary Revenue(Asset) 200
- t-accounts
- prepare
trial balance (make sure debit=credit) - prepare financial statements
- Income statement
- Statement of owner’s equity
- Balance sheet
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