Chrome File Edit View History Bookmarks People Window Help MChapter 3 Hw M McGraw-Hill Connect i E: x ' D Previous Atte

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Chrome File Edit View History Bookmarks People Window Help MChapter 3 Hw M McGraw-Hill Connect i E: x D Previous Attempt View ezto.mheducation.com/hm.tpx Bookmarks Questions 24-26 (of 26) C3-1 Analyzing, Recording, and Posting, and Preparing and Evaluating Finandi 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 $15. At the start of January 2015, VGCs income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building Accounts Payable Unearned Revenue Notes Payable (due 2018) Common Stock Retained Earnings $2,220,000 225,000 20,600 919,000 1770,000 479,000 117,000 109,000 132,000 2,500,000 2,775,600 In addition to the above accounts, VGCs chart of accounts includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilities Expense References
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Chrome File Edit View History Bookmarks People Window Help MChapter 3 Hw M McGraw-Hill Connect i E: x ‘ D Previous Attempt View ezto.mheducation.com/hm.tpx Bookmarks Questions 24-26 (of 26) C3-1 Analyzing, Recording, and Posting, and Preparing and Evaluating Finandi 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 $15. At the start of January 2015, VGC’s income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Building Accounts Payable Unearned Revenue Notes Payable (due 2018) Common Stock Retained Earnings $2,220,000 225,000 20,600 919,000 1770,000 479,000 117,000 109,000 132,000 2,500,000 2,775,600 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 References

Expert Answer

 

Cash Accounts receivable
Beg bal 2,220,000 Beg.Bal 225,000
1 51,250 18,000 3 5 77,250 51,250 1
2 200,000 18,400 4
5 77,250 320,000 7
3,800 9 end bal 251,000
end bal 2,188,300
Supplies Equipment
Beg.bal 20,600 Beg.bal 919,000
8 3,800 3 38,800
end bal 24,400 end bal 957,800
Land Building
Beg .Bal 1,770,000 beg.bal 479,000
end bal 1,770,000 End bal 479,000
Accounts payab;e unearned revenue
Beg bal 117,000 beg.bal 109,000
9 3,800 6,070 6
3,800 8
end bal 123,070 end bal 109,000
Notes payable(long term) Common stock
Beg.bal 132,000 Beg.Bal 2,500,000
20,800 3
end bal 152,800 end bal 2,500,000
Retained earnings Service revenue
Beg bal 2,775,600 beg bal 0
200,000 2
154,500 5
End bal 2,775,600 End bal 354500
Salaries and wage expense advertising expense
beg bal beg bal
7 320,000 4 18,400
end bal 320,000 end bal 18,400
utilties expense
Beg bal
6 6,070
end bal 6,070
Unadjusted Trial Balance
Accounts Name Debit Credit
Cash 2,188,300
Accounts receivable 251,000
supplies 24,400
Equipment 957,800
Buildings 479,000
land 1,770,000
Accounts payable 123,070
unearned revenue 109,000
notes payable(long term) 152,800
common stock 2,500,000
Retained earnings 2,775,600
Service revenue 354,500
Salaries & Wage expense 320,000
Advertising expense 18,400
utilities expense 6,070
total 6,014,970 6014970

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