Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $11. At the start of January 2021, VGC's income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 1,620,000 Accounts Receivable 236,000 Supplies 15,700 Equipment 909,000 Buildings 441,000 Land 1,830,000 Accounts Payable 203,080 Deferred Revenue 150,000 Notes Payable (due 2025) 97,000 Common Stock 2,300,000 Retained Earnings 2,301,700 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 Required information 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 Liabilities Stockholders' Equity a b b d e 1 9 g h Cash Accounts Receivable Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Supplies Equipment Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Baune Buildings Land Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Accounts Payable Deferred Revenue Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Beginning Balance Beginning Balance Ending Balance Ending Balance Retained Earnings Service Revenue Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Salaries and Wages Expense Advertising Expense Credit Credit Debit Beginning Balance Debit Beginning Balance Ending Balance Ending Balance Utilities Expense Credit Debit Beginning Balance Ending Balance 4. Prepare an unadjusted trial balance as of January 31, 2021. VANISHING GAMES CORPORATION Unadjusted Trial Balance Credit Debit 55,750 S 55,750 Account Name Cash Accounts Receivable Supplies Equipment Buildings Land Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Retained Earnings Service Revenue Salaries and Wages Expense Advertising Expense Utilities Expense Total S 55.750 $ 55.750 5. Prepare an Income Statement for the month ended January 31, 2021, using unadjusted balances from part 4 VANISHING GAMES CORPORATION Income Statement For the Month Ended January 31, 2021 Revenues Service Revenue Total Revenues S 0 7. Prepare a classified Balance Sheet at January 31, 2021, using your response to part 6. VANISHING GAMES CORPORATION Balance Sheet 0 $ 0 0 6. Prepare a Statement of Retained Earnings for the month ended January 31, 2021, using the beginning balance given above and the net Income from part 5. Assume VGC has no dividends, but Include a line in the statement of retained earnings reporting Dividends of zero VANISHING GAMES CORPORATION Statement of Retained Earnings Retained Earnings January 1, 2021 7 Retained Earnings January 31, 2021 5 [The following information applies to the questions displayed below.] Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $11. At the start of January 2021, VGC's Income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 1.620,000 Accounts Receivable 236,000 Supplies 15,700 Equipment 909,000 buildings 441.000 Land 1,830,000 Accounts Payable 203,000 Deferred Revenue 15e.ee Notes Payable. (due 2025) 97,600 Common Stock 2.300.000 Retained Earnings 2,301,700 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 remainder owed. 2. Received $55,750 cash from customers on 11 for subscriptions that had already been earned and charged on account In 2020 b. Purchased 10 new computer servers for $35,400 on 12 paid $14.300 cash and signed a three-year note for the c Pald $11,000 for an Internet advertisement run on 1/3 d on January 4. purchased and received $3.600 of supplies on account e Received $240.000 cash on 15 from customers for service revenue earned in January On January 6, paid $3,600 cash for supplies purchased on January 4 9. On January 7, sold 11,200 subscriptions at $11 each for services provided during January, Half was collected in cash and half was sold on account 12. Paid $340.000 in wages to employees on 180 for work done in January 1. On January 31, received an electric and gas utility bill for $5,570 for January Utility services. The bill wil be paid in February 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)