222. A company paid its landlord $15,000 cash for this month's rent. Enter the appropriate amounts for this transaction into the accounting equation format shown below: Assets = Liabilities + Equity 223. The accountant of Magic Video Games prepared a balance sheet immediately after each transaction was recorded. During September, the first month of operation, the following balance sheets were prepared: MAGIC VIDEO GAMES Balance Sheet September 1 Assets Equity Cash $60,000 Common Stock $60,000 Total assets $60,000 Total liabilities and equity $60,000 MAGIC VIDEO GAMES Balance Sheet September 5 Assets Liabilities Cash $48,000 Notes payable $18,000 Land 10,000 Equity Common Stock 60,000 Building 20,000 Total assets $78,000 Total liabilities and equity $78,000 MAGIC VIDEO GAMES Balance Sheet September 9 Assets Liabilities Cash $48,000 Accounts payable $ 2,000 Office supplies 2,000 Notes payable 18,000 Land 10,000 Equity Common Stock 60,000 Building 20,000 Total assets $80,000 Total liabilities and Equity $80,000 MAGIC VIDEO GAMES Balance Sheet September 11 Assets Liabilities Cash $42,000 Accounts payable $ 2,000 Office supplies 2,000 Notes payable 18,000 Land 10,000 Equity Common Stock 60,000 Building 20,000 Office furniture 6,000 Total assets $80,000 Total liabilities and Equity $80,000 MAGIC VIDEO GAMES Balance Sheet September 15 Assets Liabilities Cash $32,000 Accounts payable $ 2,000 Office supplies 2,000 Notes payable 8,000 Land 10,000 Equity Common Stock 60,000 Building 20,000 Office furniture 6,000 Total assets $70,000 Total liabilities and Equity $70,000 Required: Describe the nature of each of these five transactions for the month of September. Sept. 1 5 9 11 15 224. FastForward reported net income of $17,500 for the past year. At the beginning of the year the company had $200,000 in assets. By the end of the year, assets had increased to $300,000. Calculate the return on assets.

222. A company paid its landlord $15,000 cash for this month's rent. Enter the appropriate amounts for this transaction into the accounting equation format shown below: Assets = ...

222. A company paid its landlord $15,000 cash for this month's rent. Enter the appropriate amounts for this transaction into the accounting equation format shown below:

Assets =	Liabilities +	Equity

223. The accountant of Magic Video Games prepared a balance sheet immediately after each transaction was recorded. During September, the first month of operation, the following balance sheets were prepared:

MAGIC VIDEO GAMES Balance Sheet September 1
Assets	Equity
Cash	$60,000	Common Stock	$60,000
Total assets	$60,000	Total liabilities and equity	$60,000
MAGIC VIDEO GAMES Balance Sheet September 5
Assets	Liabilities
Cash	$48,000	Notes payable	$18,000
Land	10,000	Equity Common Stock	60,000
Building	20,000
Total assets	$78,000	Total liabilities and equity	$78,000

MAGIC VIDEO GAMES Balance Sheet September 9
Assets	Liabilities
Cash	$48,000	Accounts payable	$ 2,000
Office supplies	2,000	Notes payable	18,000
Land	10,000	Equity Common Stock	60,000
Building	20,000
Total assets	$80,000	Total liabilities and Equity	$80,000

MAGIC VIDEO GAMES Balance Sheet September 11
Assets	Liabilities
Cash	$42,000	Accounts payable	$ 2,000
Office supplies	2,000	Notes payable	18,000
Land	10,000	Equity Common Stock	60,000
Building	20,000
Office furniture	6,000
Total assets	$80,000	Total liabilities and Equity	$80,000

MAGIC VIDEO GAMES Balance Sheet September 15
Assets	Liabilities
Cash	$32,000	Accounts payable	$ 2,000
Office supplies	2,000	Notes payable	8,000
Land	10,000	Equity Common Stock	60,000
Building	20,000
Office furniture	6,000
Total assets	$70,000	Total liabilities and Equity	$70,000

Required: Describe the nature of each of these five transactions for the month of September.

Sept.	1
	5
	9
	11
	15

224. FastForward reported net income of $17,500 for the past year. At the beginning of the year the company had $200,000 in assets. By the end of the year, assets had increased to $300,000. Calculate the return on assets.

May 15, 2022

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222. A company paid its landlord $15,000 cash for this month's rent. Enter the appropriate amounts for this transaction into the accounting equation format shown below: Assets = ...

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