7. Prepare a classified Balance Sheet at January 31, 2021, using your response to part 6. Current Assets Cash Supplies VANISHING GAMES CORPORATION Balance Sheet For the Month Ended January 31, 2021 Total Assets Assets $ 1,574,700 118,650 1,693,350 $ 1,693,350 0 0 0 $ 0 ! Required information [The following information applies to the questions displayed below.] Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $11. At the start of January 2021, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 1,620,000 Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings 236,000 15,700 909,000 441,000 1,830,000 203,000 150,000 97,000 2,300,000 2,301,700 In addition to the above accounts, VGC's chart of accounts includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense. The following transactions occurred during the January month: a. Received $55,750 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020. b. Purchased 10 new computer servers for $35,400 on 1/2; paid $14,300 cash and signed a three-year note for the remainder owed. c. Paid $11,000 for an Internet advertisement run on 1/3. d. On January 4, purchased and received $3,600 of supplies on account. e. Received $240,000 cash on 1/5 from customers for service revenue earned in January. f. On January 6, paid $3,600 cash for supplies purchased on January 4. g. On January 7, sold 11,200 subscriptions at $11 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $340,000 in wages to employees on 1/30 for work done in January. i. On January 31, received an electric and gas utility bill for $5,570 for January utility services. The bill will be paid in February. 7. Prepare a classified Balance Sheet at January 31, 2021, using your response to part 6.