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 Buildinga 441,000 Land 1,830,000 Accounts Payable 203,000 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 January transactions are shown below: a, Received $55,750 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 $35,400 on 12; paid $14,300 cash and signed a three-year note for the remainder owed. c. Paid $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 1/5 from customers for service revenue earned in January f. On January 6, paid $3,600 cash for supplies purchased on January 4. a. Received $55,750 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 $35,400 on 12; paid $14,300 cash and signed a three-year note for the remainder owed. c. Paid $11,000 for an Internet advertisement run on 13. 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 1. On January 6, paid $3,600 cash for supplies purchased on January 4. g. 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. h. Paid $340,000 in wages to employees on 130 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 will be paid in February ces General General Requirement Income Stmt of Ledger Trial Balance Journal Balance Sheet Statement Retained Analysis Earnings General Journal tab - Prepare the journal entries to record the transactions (a) through (V). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab - The ending balance values from the General Ledger tab nows through to the Trial Balance tab. Income Statement tab - Use the drop-down to select the accounts properly included on the income statement. Statement of Retained Earnings tab - Prepare the statement of retained earnings for the month ended January 31, 2021. If there are no dividends, include a line that reports Dividends of zero, Balance Sheet tab - Prepare a classified Balance Sheet at January 31, 2021. Analysis tab - Calculate net profit margin, expressed as a percent. Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Received $55,750 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date January 01 Record entry Clear entry 5 View general Journal 1 . EN Journal entry worksheet Purchased 10 new computer servers for $35,400 on 1/2; paid $14,300 cash and signed a three-year note for the remainder owed. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit January 02 Record entry Clear entry View general Journal Journal entry worksheet On January 4, purchased and received $3,600 of supplies on account. Record the transaction. Note: Enter debits before credits Date General Journal Debit Credit January 04 Record entry Clear entry View general Journal Journal entry worksheet Pald $3,600 cash to a supplier on January 6. Record the transaction. Note: Enter debits before credits Date General Journal Debit Credit January 06 Record entry Clear entry View general Journal Journal entry worksheet
