Required information (The following information apples to the questions dis/layed below.) Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2018, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings $1,590,000 245,000 17,800 922,000 435,000 1,250,000 137,000 140,000 81,000 2,800,000 1,301,800 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 $65,250 cash from customers on 11 for subscriptions that had already been earned in 2017. b. Purchased 10 new computer servers for $34,600 on 1/2: paid $14,400 cash and signed a three-year note for the remainder owed. c. Paid $12,600 for an Internet advertisement run on 1/3. d. On January 4, purchased and received $3,300 of supplies on account. e. Received $215,000 cash on 1/5 from customers for service revenue earned in January f Paid $3,300 cash to a supplier on January 6. g. On January 7, sold 19,200 subscriptions at $12 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $420,000 in wages to employees on 1/30 for work done in January On January 31, received an electric and gas utility bill for $5,250 for January utility services. The bill will be paid in February eBook 2. Prepare journal entries for the January transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) eferences View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Record the $65,250 cash received from customers on 1/1 for subscriptions that had already been earned in 2017. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal 2. Prepare journal entries for the January transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the payment of $12,600 for an Internet advertisement run on 1/3. Note: Enter debits before credits. Transaction General Journal Debit Credit + Record entry Clear entry View general journal 2. Prepare journal entries for the January transactions. (If no entry is required for a transaction/event, Required" in the first account field.) View transaction list Journal entry worksheet Record the payment of $12,600 for an Internet advertisement run on 1/3. Note: Enter debits before credits. Transaction General Journal Debit Credit + Record entry Clear entry View general journal 2. Prepare journal entries for the January transactions. (If no entry is required for a transaction/ev Required" in the first account field.) View transaction list Journal entry worksheet Record the receipt of $215,000 cash on 1/5 from customers for service revenue earned in January. Note: Enter debits before credits. Transaction General Journal Debit Credit e Record entry Clear entry View general journal View transaction list Journal entry worksheet
