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help me pls and thank you Vanishing Games Corporation (VGC) operates a massively multiployet ontine game, charging ployers a monthly subscription of $15. At the
help me pls and thank you
Vanishing Games Corporation (VGC) operates a massively multiployet ontine game, charging ployers a monthly subscription of $15. At the start of January 2021, VGC's income statement accounts had zero bolances and its balance sheet account balances were as follows: In addition to the above accounts, VGC's chart of accounts includes the following: Service Revenue, Salarles and Wages Expense, Advertising Expense, and Utilities Expense. The following transactions occurred during the January month: a. Received $51,250 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 $38,800 on 1/2; paid $18,000 cash and signed a three-year note for the remainder owed. c. Paid $18,400 for an Internet advertisement run on 1/3. d. On January 4, purchased and recelved $3,800 of supplies on account. e. Received $200,000 cash on 1/5 trom customers for service revenue earned in January. f. On January 6, paid $3,800 cash for supplies purchased on January 4. g. On January 7, sold 10,300 subscriptions at $15 each for services provided during January. Haif was collected in cash and half was sold on account. n. Paid $320,000 in wages to employees on 1/30 for work done in January. 1. On January 31, received an electric and gas utility bili for $6.070 for January utility services. The bill will be paid in February. Required: 1. Analyze the effect of the January transactions on the accounting equation, and indicate the account, amount, and direction of the effect of each transaction. (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.) Step by Step Solution
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