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 Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings $ 2,080,000 175,000 20,100 967,000 445,000 1,590,000 206,000 118,000 68,000 2,500,000 2,285,100 In addition to the above accounts, VGC's chart of accounts includes the following Service Revenue, Solaries and Wages Expense. Advertising Expense, and Utilities Expense. The following transactions occurred during the January month in 2020 a Received $56,500 cash from customers on 1/1 for subscriptions that had already been earned and charged on account b. Purchased 10 new computer servers for $35,200 on 12. paid $12,800 cash and signed a three-year note for the remainder owed c Paid $15,000 for an Internet advertisement run on 1/3 d on January 4, purchased and received $4,800 of supplies on account. e Received $155.000 cash on 15 from customers for service revenue eamed in January On January 6, paid $4.800 cash for supplies purchased on January 4 g On January 7, sold 15700 subscriptions at $14 each for services provided during January Half was collected in cash and half was sold on account h Paid $350,000 in wages to employees on 1/30 for work done in January On January 31, received an electric and gas utility bill for $6,350 for January utility services. The bill will be paid in February Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of S14. At the start of January 2021, VGC's income statement accounts had zero balonces and its balance sheet account balances were as follows Cash 5.2,000,000 Accounts Receivable 175,000 Supplies 20,100 Equipment 167,000 Building 445,000 Land 1,590,000 Accounts Payable 206,000 Deferred Revenue 118,000 Notes Payable (due 2025) 60,000 Comos Stock 2,600,000 Retained Earnings 2,285,100 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 $56,500 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 $35 200 on 1/2: paid $12.800 cash and signed a three year note for the remainder owed c Paid $15,000 for an internet advertisement run on 13 d On January 4 purchased and received $4.800 of supplies on account e Received $155.000 cash on 1/5 from customers for service revenue earned in January 1 On January 6, paid $4800 cash for supplies purchased on January 4 g On January 7, sold 15,700 subscriptions at $14 each for services provided during January Hall was collected in cash and half was sold on account n paid $350,000 in wages to employees on 1/30 for work done in January On January 31, received an electric and gas utility bill for $6.350 for January utility services. The bill will be paid in February Required: 1. Analyze the effect of the January transactions on the accounting equation, and indicate the account, amount and direction of the effect of each transaction (Enter any decreases to Assets, Liabilities, and Stockholder's Equity with a minus sign.) Assets Stockholders' Equity 15.000) a Cash a Accounts Receivable Equipment b Cash Cash d Supplies Cash Cash 9 Cash g Accounts Receivable Cash Liabilities 56 500 (56,500) 352001 - (12300) Notes Payable (long-term) (15000) 4.800 Accounts Payable 155.000 (4.800) Accounts Payable 109,900 109,900 (350,000 - Accounts Payable 155 000 22.400 Advertising Expense 4.800 Service Revenue (4,800) Service Revenue + Salaries and Wages Expense 6350. Expense 350 000