Once students have learned the entire Accounting cycle, a great way to review the accounting cycle is to play Monopoly - only the students have to keep track of how their property business is doing. The idea is simple - have the students record everything that they do in their own journal. After so long you can have them complete the other steps in the accounting cycle such as posting, preparing the worksheet, preparing the business statements, adjusting/closing entires, etc. You can really change the game to include the things you want to practice. For example I have the students practice writing out checks, filling out deposit slips, and receipts as they transfer money.
Here are the rules I chose to follow (*Note the formatting of my word document did not transfer to google docs very well, so if you want a copy of any of my materials email me at jpost@westwood.k12.ia.us):
https://docs.google.com/document/d/10La2QHXHk1yNvwThYEcD244nzrUUgGVMDswFUPBsU7c/edit
I have also prepared the "answers" which includes what the journal transaction should be for the majority of things that could occur during the game:
https://docs.google.com/document/d/1GbB1hPlF9LG6GSQ2zPaLWMvUElS3wSy9VAJzsrzfeLU/edit
In order to prepare for this activity, each student should receive a manilla envelope that includes the following:
- Set of instructions (including Chart of Accounts)
- Checks
- Receipts
- Deposit slips
- Journal
- General Leger
- Worksheet
- Income statement form
- Balance sheet form
- Post-Closing trial balance form
I have all of these forms prepared, however they will not transfer into google docs very well, so if you want them, email me! (jpost@westwood.12.ia.us) I even went so far as to create personalized checks, deposit slips, and receipts for my account class.
Example of a check:
NO. ___ | $ | |||||||||||||||||||||||||||
Date | 20 | Westwood Rebel | NO. | 63-109 | ||||||||||||||||||||||||
To | 100 Rebel Way | 631 | ||||||||||||||||||||||||||
Sloan, IA 51055 | Date: 20 | |||||||||||||||||||||||||||
For | ||||||||||||||||||||||||||||
PAY TO THE | $ | |||||||||||||||||||||||||||
Bal. Bro’t for’d…………………… | ORDER OF | |||||||||||||||||||||||||||
Amt. Deposited | Dollars | |||||||||||||||||||||||||||
Subtotal…………………Date….. | ||||||||||||||||||||||||||||
Other: | Monopoly State Bank | For Classroom Use Only | ||||||||||||||||||||||||||
Sloan, IA 51055 | ||||||||||||||||||||||||||||
Subtotal……………………………. | For | |||||||||||||||||||||||||||
Amt. this check………………… | ||||||||||||||||||||||||||||
Bal Car’d For’d…………………. | 97-3589 5687 | |||||||||||||||||||||||||||
Receipt Example:
Westwood Rebel | Receipt | |||||
1000 Rebel Way | No. | |||||
Sloan, IA 51055 | Date | |||||
Received from | $ | |||||
For | Received by | |||||
Deposit Slip example:
Westwood Rebel | Deposit Slip | |||||
1000 Rebel Way | Cash | |||||
Sloan, IA 51055 | Checks | |||||
Date | ||||||
Sign for Cash Received | ||||||
Monopoly State Bank | ||||||
Sloan, IA | Total | |||||
32437705 | 557481 | |||||
At the end of the game the student that wins is the one with the best income statement and balance sheet!
