Monopoly Homework

1. Fill in the Chart of Accounts on the sheet given. Add the following account: 540 Cash
Over and Short.

2. Post transactions from the General Journal that you completed in class while playing the
game to the Ledgers
provided. Write the balance after each posting.

3. Compare the amount of your Cash counted when you finished the game to the balance
in the Cash Account in
the ledger. If they are not equal, you will debit or credit the Cash Over and Short
account as follows:

a. If your actual cash is less than the balance in your Cash Account, then you are
Short. A shortage is considered an operating expense. You account for it by
debiting the Cash Over and Short account.

b. If your actual cash is greater than the balance in your Cash Account, then you
are Over. An overage is considered a kind of revenue. You account for it by
crediting the Cash Over and Short account.

4. Prepare your Unadjusted Trial Balance.

a. List each account and its balance in the same order as the Chart of Accounts
(including accounts with zero balances).
b. Debit balances are entered in the Debit column and Credit balances in the Credit
column.
c. Calculate the totals of the debit and credit balances.
d. If total debit balances equal total credit balances, then skip 5. and go to 6.
e. If total debit balances do not equal total credit balances, then continue
reading.

5. If your trial balance totals do not equal, then you need to look for your error(s). Look for
your errors in the
following order.
a. Check your addition of your debit and credit columns in your Trial Balance. If you
made no mistakes adding the columns, then…
b. Check that your account balances were transferred correctly.
 Perhaps you wrote the wrong amount (check the number of zeroes)
 Perhaps you wrote the amount on the wrong side (debit instead of credit
and vice versa)
If there are no mistakes in transferring your balances, then…
c. Check to see that you totalled your account balances in each ledger account
correctly. If there are no mistakes, then…
d. Check to see that
 you posted all your entries from the General Journal to the ledgers (you
might have missed some.)
 they were posted into the correct ledger account.
If you haven’t made any mistakes in posting, then…
e. Check your journal entries to see if you can find errors in journalizing.

6. Congratulations! Your Unadjusted Trial Balance balances. You are finished Part 1 of the
homework. I have
 decided not to ask for the financial statements at this time. I will ask for them in Part 2
of the homework once
we finish Chapters 4 & 5.

7. Please photocopy everything that you submit. Submit the following originals:
a. Chart of Accounts
b. General Journal
c. Ledgers
d. Cash counted and Properties owned page
e. Unadjusted Trial Balance