The Accountant of Action Adventure Games Prepared a Balance Sheet

Essay

The accountant of Action Adventure Games prepared a balance sheet after every 10 day period. The only resources invested by the owner were at the start of the company on June 1. During June, the first month of operation, the following balance sheets were prepared:
ACTION ADVENTURE GAMES
Balance Sheet June 10
$\begin{array}{|l|l|l|l|} \hline \text {Assets } & & \text { Equity }\\\hline \text { Cash } & \$60,000 & \text { Owner, Capital }&\$60,000\\\hline \text { Total assets} & \text {\$60,000 } & \text { Total liabilities }&\$60,000\\&& \text { and equity }\\\end{array}$
ACTION ADVENTURE GAMES
Balance Sheet June 20
$\begin{array}{|l|c|l|c|}\hline \text { Cash } & \$ 48,000 & \text { Notes payable } & \$ 18,000 \\\hline \text { Land. } & 10,000 & \text { Equity } & \\\hline \text { Building } & 20,000 & \text { Owner, Capital } & 60,000 \\\hline \text { Total assest } &\$78,000& \text { Total liabilities and} & \$ 78,000 \\\hline&& \text { equity}\end{array}$ ACTION ADVENTURE GAMES
Balance Sheet June 30
$\begin{array}{|l|l|l|l|}\hline \text { Assets } & & \text { Liabilities } & \\\hline \text { Cash. } & \$ 51,000 & \text { Accounts payable. } & \$ 2,000 \\\hline \text { Office supplies.. } & 2,000 & \text { Notes payable. } & 18,000 \\\hline \text { Land. } & 10,000 & \text { Equity } & \\\hline \text { Building } & 20,000 & \text { Owner, Capital} & \underline{63,000} \\\hline \text { Total assets } & \$ 83,000 &\text { Total liabilities and } & \$ 83,000\\&&\text { equity } \\\hline \end{array}$
Required: Describe the nature of each of the four transactions that took place between the balance sheet dates shown. Assume only one transaction affected each account.
June
10_____________
20____________
30______________