Answered step by step
Verified Expert Solution
Question
1 Approved Answer
any advice on what i ' m missing is appreciated. Vanishing Games Corporation ( VGC ) operates a massively multiplayer online game, charging players a
any advice on what im missing is appreciated.
Vanishing Games Corporation VGC operates a massively multiplayer online game, charging players a monthly subscription of $ At the start of January VGCs income statement accounts had zero balances and its balance sheet account balances were as follows:
Cash $
Accounts Receivable
Supplies
Equipment
Buildings
Land
Accounts Payable
Deferred Revenue
Notes Payable due
Common Stock
Retained Earnings
In addition to the above accounts, VGCs 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:
Received $ cash from customers on for subscriptions that had already been earned and charged on account in
Purchased new computer servers for $ on ; paid $ cash and signed a threeyear note for the remainder owed.
Paid $ for an Internet advertisement that ran today on
On January purchased and received $ of supplies on account.
Received $ cash on from customers for service revenue earned but not previously recorded in January.
On January paid $ cash for supplies purchased on January
On January sold subscriptions at $ each for services provided during January. Half was collected in cash and half was sold on account.
Paid $ in wages to employees on for work done in January.
On January received an electric and gas utility bill for $ for January utility services. The bill will be paid in February.
Enter the beginning balances shown above in the following Taccounts and post the journal entries.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started