Question: C3-1 (Algo) Analyzing, Recording, and Posting, and Preparing and Evaluating Financial Statements (Chapters 1-3) [LO 3-2, LO 3-3, LO 3-4, LO 3-5] [The foliowing information
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![foliowing information applies to the questions displayed befow.] Vanishing Games Corporation (VGC)](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2024/09/66e411488ecc5_66466e411482cbaf.jpg)
C3-1 (Algo) Analyzing, Recording, and Posting, and Preparing and Evaluating Financial Statements (Chapters 1-3) [LO 3-2, LO 3-3, LO 3-4, LO 3-5] [The foliowing information applies to the questions displayed befow.] Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging ployers an monthly subscription of \$13. At the start of January 2021, VGC's income statement occounts had tero balances and its balance sheet account balances were as follows: In addition to the above accounts, VGC's chart of accounts incluthes the following, Service Revenue, Salaries and Wages Expense, Advertising fxpense, and Upities Expense. The following transactions occurred during the January month a. Received $71.750 cash from customers on 1/ for subscription that had aiready been earned and charged on account in 2020 b. Purchased 10 new computer servors for $40,800 on V2i paid $15,600 cash and signed a three-year note for the remainder owed. c. Paid $15,100 for an intetnet advertisement run on 1/3. d. On January 4 , purchased and received $4,500 of supplies on account. e. Received $220.000 cash on 15 from customers for service revenue eamed in January fOn January 6, poid $4,500 cash for supplies puirehased on Janciary 4 g. On January 7, sold 13.800 subscriptions at \$13 eoch for services provided during January. Half was collected in cash and hal was sold on account h. Paid $370,000 in wages to employees on 130 tor work done ia January i. On January 31, recelved an electric and gas utily bill for $5,750 for January utity services. The bil will be paid in February 3. Enter the beginning balances shown above in the following T-accounts and post the journal entries. Required information
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