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 $ 1,720,000 230,000 21,800 892,000 485,000 2,100,000 180,000 119,000 128,000 3,000,000 2,021,800 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 $67,250 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 $34,500 on 1/2; paid $17,300 cash and signed a three-year note for the remainder owed. c. Paid $18,100 for an Internet advertisement run on 1/3. d. On January 4, purchased and received $4,200 of supplies on account. e. Received $225,000 cash on 1/5 from customers for service revenue earned in January. f. On January 6, paid $4,200 cash for supplies purchased on January 4. g. On January 7, sold 19,000 subscriptions at $14 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $450,000 in wages to employees on 1/30 for work done in January. i. On January 31, received an electric and gas utility bill for $5,600 for January utility services. The bill will 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.)

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: 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 $67,250 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 $34,500 on 1/2; paid $17,300 cash and signed a three-year note for the remainder owed. c. Paid $18,100 for an Internet advertisement run on 1/3. d. On January 4 , purchased and received $4,200 of supplies on account. e. Received $225,000 cash on 1/5 from customers for service revenue earned in January. f. On January 6 , paid $4,200 cash for supplies purchased on January 4 . g. On January 7 , sold 19,000 subscriptions at $14 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $450,000 in wages to employees on 1/30 for work done in January. i. On January 31 , received an electric and gas utility bill for $5,600 for January utility services. The bill will be paid in February. 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.)