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I finished the first part. Please help filling in other charts Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly
I finished the first part. Please help filling in other charts
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 $ 1,630,000 Accounts Receivable 208,000 Supplies 15,400 936,000 Equipment Buildings Land 516,000 Accounts Payable Deferred Revenue Notes Payable (due 2025) 1,600,000 160,000 166,000 150,000 2,700,000 1,729,400 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 $62,500 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 $41,100 on 1/2; paid $12,200 cash and signed a three-year note for the remainder owed. c. Paid $13,400 for an Internet advertisement run op 1/3. d. On January 4, purchased and received $5,750 o supplies on account. e. Received $210,000 cash on 1/5 from customers for service revenue earned in January. f. On January 6, paid $5,750 cash for supplies purchased on January 4. g. On January 7, sold 12,300 subscriptions at $11 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $320,000 in wages to employees on 1/30 for work done in January. i. On January 31, received an electric and gas utility bill for $5,520 for January utility services. The bill will be paid in February. Answer is complete and correct. Credit VANISHING GAMES CORPORATION Unadjusted Trial Balance At January 31, 2021 Debit $ 1,618,800 213,150 21,150 977,100 516,000 1,600,000 165,520 166,000 178,900 2,700,000 1,729,400 345,300 320,000 13,400 5,520 $ 5,285,120 $ 5,285,120 Account Name Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Advertising Expense Utilities Expense Total 5. Prepare an Income Statement for the month ended January 31, 2021, using unadjusted balances from part 4. VANISHING GAMES CORPORATION Income Statement 0 0 $ 6. Prepare a Statement of Retained Earnings for the month ended January 31, 2021, using the beginning balance given above and the net income from part 5. Assume VGC has no dividends, but include a line in the statement of retained earnings reporting Dividends of zero. VANISHING GAMES CORPORATION Statement of Retained Earnings Retained Earnings, January 1, 2021 Retained Earnings, January 31, 2021 $ 0 7. Prepare a classified Balance Sheet at January 31, 2021, using your response to part 6. VANISHING GAMES CORPORATION Balance Sheet $ 0 0 0 Step by Step Solution
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