Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12 At the start of January 2021, VGCs income statement accounts had zero balances and its balance sheet account balances were as follows Cash $ 1,590,000 Accounts Receivable 245,000 Supplies 17,800 Equipment 922,000 Buildings 435,000 Land 1,250,000 Accounts Payable 137,000 Deferred Revenue 140,000 Notes Payable (due 2025) 81,000 Common Stock 2,800,000 Retained Earnings 1,301,800 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 January transactions are shown below Received $65,250 cash from customers on 1 1 for subscriptions that had already been earned and charged on account in 2020 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 Paid $12,600 for an Internet advertisement run on 1 3 On January 4, purchased and received $3,300 of supplies on account Received $215,000 cash on 1 5 from customers for service revenue earned in January On January 6, paid $3,300 cash for supplies purchased on January 4 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 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 General Ledger Account Accounts Receivable Cash Credit No Debit No Debit Credit Date January 01 Balance 1,590,000 Date January 01 Balance 245,000 Land Supplies Debit No Credit Credit Balance Debit No Date January 01 Date January 01 Balance 1,250,000 17,800 Buildings Debit Equipment Debit No Credit Credit No Date January 01 Balance 435,000 Date January 01 Balance 922,000 Deferred Revenue Accounts Payablo Debit Credit No Date Debit Credit No Date January 01 Balance 137,000 Balance 140,000 Common Stock No Debit Credit Notes Payable (long term) Date Debit Credit January 01 No Balance 81,000 Date January 01 Balance 2,800,000 Retained Earning Debit Credit No Date January 01 Balance 1,301,800

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Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2021, VGCs income

Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $12. At the start of January 2021, VGCs income statement accounts had zero balances and its balance sheet account balances were as follows:

Cash	$ 1,590,000
Accounts Receivable	245,000
Supplies	17,800
Equipment	922,000
Buildings	435,000
Land	1,250,000
Accounts Payable	137,000
Deferred Revenue	140,000
Notes Payable (due 2025)	81,000
Common Stock	2,800,000
Retained Earnings	1,301,800

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 January transactions are shown below:

Received $65,250 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020.
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.
Paid $12,600 for an Internet advertisement run on 1/3.
On January 4, purchased and received $3,300 of supplies on account.
Received $215,000 cash on 1/5 from customers for service revenue earned in January.
On January 6, paid $3,300 cash for supplies purchased on January 4.
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.
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.

General Ledger Account Accounts Receivable Cash Credit No. Debit No. Debit Credit Date January 01 Balance 1,590,000 Date January 01 Balance 245,000 Land Supplies Debit No. Credit Credit Balance Debit No. Date January 01 Date January 01 Balance 1,250,000 17,800 Buildings Debit Equipment Debit No. Credit Credit No. Date January 01 Balance 435,000 Date January 01 Balance 922,000 Deferred Revenue Accounts Payablo Debit Credit No. Date Debit Credit No. Date January 01 Balance 137,000 Balance 140,000 Common Stock No. Debit Credit Notes Payable (long-term) Date Debit Credit January 01 No. Balance 81,000 Date January 01 Balance 2,800,000 Retained Earning Debit Credit No. Date January 01 Balance 1,301,800