PROJECT 1

Require assistance and thank you in advance.

Balance accounts and information for the following problems.

General Journal prompts

Ledger

Trial Balance

Income Statement

Stmt of Retained Earnings

Balance Sheet

Analysis

Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $10. 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: a. Received $52.250 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 $41,900 on 1/2; paid $12,000 cash and signed a three-year note for the remainder owed. c. Paid $15.600 for an Internet advertisement run on 1/3. d. On January 4 , purchased and received $5,100 of supplies on account. e. Recelved $235.000 cash on 1/5 from customers for service revenue eamed in January. t On January 6 , paid $5.100 cash for supplies purchased on January 4. g. On January 7, sold 10.100 subscriptions at $10 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $310,000 in wages to employees on 130 for work done in January. C.On January 31, recelved an electric and gas utiity bill for $5.900 for January utility services. The bill will be paid in February. General Journal tab - Prepare the journal entries to record the transactions (a) through (i). Reviow the accounts as ahown In the General Ledger and Tral Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab. The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Income Statement tob - Use the drop-down to select the accounts properly included on the income statement. Statement of Retained Earnings tab. Prepare the statement of retained earnings for the month ended January 31,2021. If there are no dividends, include a line that reports Dividends of zero. Balance sheet tab - Prepare a classified Balance Sheet at January 31,2021. Analysis tab - Calculate net profit margin, expressed as a percent. Prepare the journal entries to record the transactions (a) through (i). (If no entry is required for a transaction/evel entry required" in the first account field.) Journal entry worksheet Received $52,250 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020. Record the transaction. Note: Enter debits before credits. Prepare the journal entries to record the transactions (a) through (i). (If no entry is required for a transaction/e entry required" in the first account field.) Journal entry worksheet Purchased 10 new computer servers for $41,900 on 1/2; paid $12,000 cash and signed a three-year note for the remainder owed. Record the transaction. Note: Enter debits before credits. Prepare the journal entries to record the transactions (a) through (i). (If no entry is required for a transaction/even entry required" in the first account field.) Journal entry worksheet Paid $15,600 for an Internet advertisement run on 1/3. Record the transaction. Note: Enter debits before credits. Prepare the journal entries to record the transactions (a) through (i). (If no entry is required for a transaction/6 entry required" in the first account field.) Journal entry worksheet