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Cash $1,940,000 Accounts Receivable 183,000. Supplies 17,200 Equipment 953,000 Buildings 498,000 Land 1,940,000 Accounts Payable 111,000 157,000 Notes Payable (due 2025) 152,000 2,700,000 2,411,200
Cash $1,940,000 Accounts Receivable 183,000. Supplies 17,200 Equipment 953,000 Buildings 498,000 Land 1,940,000 Accounts Payable 111,000 157,000 Notes Payable (due 2025) 152,000 2,700,000 2,411,200 Deferred Revenue Common Stock Retained Earnings 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 $60,250 cash from customers on 1/1 for subscriptions that had already been earned in 2017. b. Purchased 10 new computer servers for $41,800 on 1/2; paid $19,600 cash and signed a three-year note for the remainder owed. c. Paid $12,400 for an Internet advertisement run on 1/3. d. On January 4, purchased and received $5,500 of supplies on account. e. Received $200,000 cash on 1/5 from customers for service revenue earned in January. f. Paid $5,500 cash to a supplier on January 6. g. On January 7, sold 13,000 subscriptions at $12 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $330,000 in wages to employees on 1/30 for work done in January. On January 31. received an electric and gas utility bill for $6,250 for January utility services. The bill will be paid in
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