Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $15. At the start of January 2021, VGCs income statement accounts had zero balances and its balance sheet account balances were as follows:

Cash	$ 1,830,000
Accounts Receivable	242,000
Supplies	23,100
Equipment	969,000
Buildings	451,000
Land	1,970,000
Accounts Payable	199,000
Deferred Revenue	112,000
Notes Payable (due 2025)	141,000
Common Stock	2,100,000
Retained Earnings	2,933,100

In addition to the above accounts, VGCs 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:

1. Received $63,000 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020.
2. Purchased 10 new computer servers for $36,000 on 1/2; paid $19,300 cash and signed a three-year note for the remainder owed.
3. Paid $19,300 for an Internet advertisement run on 1/3.
4. On January 4, purchased and received $5,450 of supplies on account.
5. Received $230,000 cash on 1/5 from customers for service revenue earned in January.
6. Paid $5,450 cash to a supplier on January 6.
7. On January 7, sold 13,400 subscriptions at $15 each for services provided during January. Half was collected in cash and half was sold on account.
8. Paid $400,000 in wages to employees on 1/30 for work done in January.
9. On January 31, received an electric and gas utility bill for $6,100 for January utility services. The bill will be paid in February.

C3-1 (Algo) Part 3

3. Enter the beginning balances shown above in the following T-accounts and post the journal entries.

- cash

-accounts receivable

-supplies

-equipment

- building

-land

-account payable

- deferred revenue

- Notes payable (long - term)

- common stock

- retained earnings

-service revenue

-salaries and wages expense

-advertising expense

-utilities expense