Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Also need general Journal. C3-1Analyzing, Recording, and Posting, and Preparing and Evaluating Financial Statements (Chapters 1-3) [LO 3-2, LO 3-3, LO 3-4, LO 3-5] (General

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedAlso need general Journal.

C3-1Analyzing, Recording, and Posting, and Preparing and Evaluating Financial Statements (Chapters 1-3) [LO 3-2, LO 3-3, LO 3-4, LO 3-5] (General Ledger) Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $15. At the start of January 2015, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building Accounts Payable Unearned Revenue Notes Payable (due 2018) Common Stock Retained Earnings S1,500,000 150,000 14,700 874,500 1,200,000 422,000 108,000 73,500 60,000 2,500,000 1,419,700 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 January transactions are s 1. Received $50,000 cash from customers on 1/1 for subscriptions that had already been earned in 2014 2. Purchased 10 new computer servers for $33,500 on 1/2; paid $10,000 cash and signed a three-year hown below: note for the remainder owed. 3. Paid $10,000 for an Internet advertisement run on 113 4. On January 4, purchased and received $3,000 of supplies on account. 5. Received $170,000 cash on 1/5 from customers for service revenue earned in January. 6. On January 6, paid S3,000 cash to a supplier on account. 7. On January 7, sold 15,000 subscriptions at $15 each for services provided during January. Half was collected in cash and half was sold on account. 8. Paid $378,000 in wages to employees on 1/30 for work done in January. 9. On January 31, received an electric and gas utility bill for $5,350 for January utility services. The bill will be paid in February

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Concepts For A Changing Environment With IDEA Software

Authors: Larry E. Rittenberg, Bradley J. Schwieger

4th Edition

0387321500, 978-0324180237

More Books

Students also viewed these Accounting questions

Question

2. Answer the question, Who should do the appraising?pg 87

Answered: 1 week ago

Question

1. Explain the purpose of performance appraisal.pg 87

Answered: 1 week ago