Monopoly Property Trading Game
Monopoly Property Trading Game
Can i debit and credit the same account in a general journal???????????
Can i Debit and credit the same account in a general journal?
I am doing an accounting project in school. We played Monopoly for 2 days and record all our transactions in General Journals, Ledgers etc. Anyway, in the game, i traded my property ( 180$ ) for someone elses property ( 220$ ) anyway, how would i record that? Would Credit my Property account 180$ and debit it 220$?
Debit your property account for the difference between the two properties ($40). This will make the balance of your property account $220, which is the value of the property you acquired. Then credit an account such as gain from sale of property, which would be classified as an other revenue account. Since you traded for a more expensive property, you actually made $40, so it is considered other revenue on the income ststement. And yes, you can debit and credit the same account in a general journal entry. Reversing entries are an example. You wouldnt debit and credit the same account in a closing entry. For example, to close expenses, you would credit them and debit income summary, not debit the expense again, which would not close the account but rather put it right back on the books.
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