Income statement

Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $14. At the start of January 2021, VGC's income statement accounts had zero balances 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, Salaries and Wages Expense, Advertising Expense, and Utilities Expense. The January transactions are shown below: 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 January transactions are shown below: a. Received $54,500 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 $42,000 on 1/2; paid $19,200 cash and signed a three-year note for the remainder owed. c. Paid $16,800 for an Internet advertisement run on 1/3. d. On January 4 , purchased and received $4,600 of supplies on account. e. Received $195,000 cash on 1/5 from customers for service revenue earned in January. f. On January 6 , paid $4,600 cash for supplies purchased on January 4. g. On January 7 , sold 14,400 subscriptions at $14 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $371,000 in wages to employees on 1/30 for work done in January. i. On January 31, received an electric and gas utility bill for $6,170 for January utility services. The bill will be paid in February. Choose the appropriate accounts to be reported on the income statement. However, you will need to calculate and enter the amount of the net income or loss for the period