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please answer quick (fill out correctly) for me to study. thanks so much!! [The following information applies to the questions displayed below.) Vanishing Games Corporation
please answer quick (fill out correctly) for me to study. thanks so much!!
[The following information applies to the questions displayed below.) 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: 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 1/2; 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 Janua 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 cold on account LULILULU unuu wa JUU ITULLUT h. Paid $450,000 in wages to employees on 1/30 for work done in January 1. On January 31, received an electric and gas utility bill for $5,600 for January utility services. The bill will be paid in February 3. Enter the beginning balances shown above in the following T-accounts and post the journal entries. Accounts Receivable Cash Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Equipment Supplies Credit Credit Debit Beginning Balance Debit Beginning Balance Supplies Equipment Credit Credit Debit eginning Balance Debit Beginning Balance nding Balance Ending Balance + Buildings Land Credit Debit Credit Debit eginning Balance Beginning Balance nding Balance Ending Balance Accounts Payable Deferred Revenue Credit Credit Dobit eginning Balance Debit Beginning Balance nding Balance Ending Balance Accounts Payable Deferred Revenue Credit Credit Debit eginning Balance Debit Beginning Balance nding Balance Ending Balance Notes Payable (long-term) Common Stock Credit Credit Debit eginning Balance Debit Beginning Balance nding Balance Ending Balance Retained Earnings Service Revenue Credit Credit Debit eginning Balance Debit Beginning Balance ndina Balance Endina Balance Salaries and Wages Expense Advertising Expense Credit Debit eginning Balance Credit Debit Beginning Balance nding Balance Ending Balance Utilities Expense Credit Debit eginning Balance nding Balance Step by Step Solution
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