Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $14. At the start of January 2018, VGC's income statement accounts had zero balances and Its balance sheet account balances were as follows: Cash Accounts Receivable $1,730, eee 188, e00 15, 200 921,000 S88,e00 1,790,000 153,e00 163, ee0 124,000 2,900, 000 1,812, 200 Supplies Equipment Bulldings Land Accounts Payable Deferred Revenue Notes Payable (due 2025) Connon Stock Retained Earnings In addition to the above accounts, VGC's chart of accounts includes the following: Service Revenue, Salaries and Wages Expense, Advertising Expense, and Utilites Expense. The following transactions occurred during the January month: a. Recelved $66.750 cash from customers on 1/1 for subscriptions that had already been earned in 2017. b. Purchased 10 new computer servers for $36,400 on 1/2: paid $15,700 cash and signed a three-year note for the remainder owed. c. Paid $1.700 for an Internet advertisement run on 1/3. d. On January 4. purchased and recelved $5,400 of supples on account. e. Recelved $210.000 cash on 1/5 from customers for service revenue earned in January. f. Paid $5.400 cash to a supplier on January 6. g. On January 7. sold 1,700 subscriptions at $14 each for services provided during January. Half was collected In cash and half was sold on account. h. Paid $350,000 In wages to employees on 1/30 for work done in January. 1. On January 31, recelved an electric and gas utility bill for $6.210 for January utility services. The bill will be pald in February.

At the beginning of 2018 Evan Company had a $1,958 balance in its accounts receivable account and a $448 balance in allowance for doubtful accounts. During 2018, Evan experienced the following events. (1) Earned $4,577 of revenue on account. (2) Collected $1,505 cash from accounts receivable. (3) Wrote-off $339 of accounts receivable as uncollectible.  Evan estimates uncollectible accounts to be 3% of sales. Based on this information, the December 31, 2018 adjusted balance in the allowance for doubtful accounts is

On 30 June 2016, the cash at bank account for Holmes Traders showed a debit balance of $13,398 and the bank statement showed a credit balance of 20,008. A comparison of the two sets of records disclosed: that there was a bank service fee of $10 the bank had collected $1000 on behalf of Holmes Traders on the maturity of a note unpresented cheques totalling $8340 that the date of a deposit of $2740 was shown by Holmes Traders as 30 June 2016, whereas the bank did not record the deposit until 1 July 2016 the bank statement shows interest received on bank account, $20   Required: 1.Prepare the bank reconciliation statement for Holmes Traders for the month ended at 30 June 2016. 2.Do you agree with the statement: “Internal control of cash is strengthened by requiring that each day’s receipts are deposited intact and that all payments are made by cheque or electronic transfer”? Discuss.

The Richard’s Red Company maintains a checking account at the Bank of the North. The bank statement for the month of October 2024 indicated the following: balance on October 1, 2024 was $32,690, deposits for October totaled $86,000, checks paid in October totaled $75,200, service charges for October totaled $350; October NSF checks totaled $1,600; a monthly loan payment deducted by the bank directly from the company’s bank account totaled $3,400; and the ending balance on October 31, 2024 totaled $38,140. At the end of October 2024, Richard’s accounting records indicated a balance in its checking account of $42,544. October 31st deposits in transit were $4,224, and outstanding checks totaled $5,620. In addition, a check for $500 to purchase office furniture was incorrectly recorded by the company as a $50 disbursement. The bank correctly processed the check during October. Assuming the company has no other cash, the amount Richard’s Red would report for cash as a current asset on…

The cash account of SWITZER ltd. reported a balance of $2,500 at August 31,2020. Included were the outstanding cheques totalling $900 and on August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC bank, listed on August 31,2020, balance of $3,405. Included in the bank balance was on August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance and an NSF cheque for $35. Make the company’s journal entries for transactions that arise from the bank reconciliation. Include an explanation with each entry.

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Sun City Greenhouse had trouble collecting its account receivable from Sharma Suiza. On June 19, 2025, Sun City Greenhouse finally wrote off Suiza's $700 account receivable. On December 31, Suiza sent a $700 check to Sun City Greenhouse. Journalize the entries required for Sun City Greenhouse, assuming Sun City Greenhouse uses the direct write-off method. On June 19, 2025, Sun City Greenhouse wrote off Suiza's $700 account receivable. Journalize the entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Jun. 19 Accounts and Explanation Debit Credit