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income statement? Cash $ 1,720,000 Accounts Receivable 230,000 Supplies 21,800 Equipment 892,000 Buildings 485,000 Land 2,100,000 Accounts Payable 180,000 Deferred Revenue 119,000 Notes Payable (due
income statement?
Cash $ 1,720,000 Accounts Receivable 230,000 Supplies 21,800 Equipment 892,000 Buildings 485,000 Land 2,100,000 Accounts Payable 180,000 Deferred Revenue 119,000 Notes Payable (due 2025) 128,000 Common Stock 3,000,000 Retained Earnings 2,021,800 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 $67,250 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 $34,500 on 12: paid $17,300 cash and signed a three-year note for the remainder owed. c. Paid $18,100 for an Internet advertisement run on 1/3 d. On January 4, purchased and received $4,200 of supplies on account. e. Received $225,000 cash on 1/5 from customers for service revenue earned in January f. On January 6, paid $4,200 cash for supplies purchased on January 4. g. On January 7, sold 19,000 subscriptions at $14 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $450,000 in wages to employees on 1/30 for work done in January i. On January 31, received an electric and gas utility bill for $5,600 for January utility services. The bill will be paid in February are an Income Statement for the month ended January 31, 2021, using unadjusted balances from part 4 VANISHING GAMES CORPORATION Income Statement For the Month Ended January 31, 2021 bes vice Revenue $ 491,000 otal Revenues $ 491,000 ses aries and Wages Expense Vertising Expense ities Expense 450,000 18,100 5,600 Total Expenses hcome 473,700 17,300 $ Step by Step Solution
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