Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscrlptlon of $14. Atthe start of January 2021, VGC's Income statement accounts had zero balances and Its balance sheet account balances were asfollows:CashAccounts ReceivableSuppliesEquipmentBuildingsLandAccounts Payable$ 2,418, e08218,e0017,780950, e00440, e001,620, e00150, e00145,e0065, e002,408,8002,895,700Deferred RevenueNotes Payable (due 2025)Connon StockRetained EarningsIn addition to the above accounts, VGC's chart of accounts Includes the following: Service Revenue, Salarles and Wages Expense.Advertising Expense, and Utilitles Expense.The January transactions are shown below:a. Recelved $54.500 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 $42,000 on 1/2; pald $19,200 cash and signed a three-year note for the remalnder owed.c. Pald $16,800 for an Internet advertisement run on 1/3.d. On January 4. purchased and recelved $4,600 of supplies on account.e. Recelved $195.000 cash on 1/5 from customers for service revenue earned in January.f On January 6. pald $4,600 cash for supplies purchased on January 4.g. On January 7, sold 14,400 subscriptions at $14 each for servlces provided during January. Half was collected in cash and half wassold on account.h. Pald $371,000 In wages to employees on 1/30 for work done in January.1. On January 31, recelved an electric and gas utlity bill for $6.170 for January utility services. The bll will be pald in February.Stmt ofGeneralGeneralIncomeRequirementTrial BalanceRetainedBalance SheetAnalysisJournalLedgerStatementEarningsGeneral Journal tab - Prepare the journal entries to recordin 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 flows 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.transactions (a) through (i). Revieaccounts as shown< RequirementGeneral Journal >

A journal entry is an accounting entry that is used to record a business transaction in the…

Answered: Vanishing Games Corporation (VGC)…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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7 parts to question thanks in advance :) Brett Knight Company operates four bowling alleys. The business just received the October 31, 2024, bank statement from City National Bank, and the statement shows an Question Viewer D5. Listed on the statement are an EFT rent collection of $420, a service charge of $6, NSF checks totaling $45, and a $26 charge for printed checks. In cords, the business identified outstanding checks totaling $490 and a deposit in transit of $ 1,750. During October, the business recorded a $310 check by debiting Salaries Expense and crediting Cash for $31. The business's Cash account shows an October 31 balance of $2,101. Read the requirements. Requirement 1. Prepare the bank reconciliation at October 31. Prepare the bank portion of the reconciliation, followed by the book portion of the reconciliation. Brett Knight Company Bank Reconciliation October 31, 2024 Bank: ADD: LESS:
The bank statement for Clive Company indicates a balance of $30,000 on September 30, 2021. After the journals for September had been posted, the cash account in the depositor's books had a balance of $27,800. The following reconciling items are available to prepare a bank reconciliation for Clive Company. (i) Bank debit memorandum for service charges, $250. (ii) Bank credit memorandum for interest earned, $2,105. (iii) Bank debit memorandum for $300 NSF (not sufficient funds) check from a customer. (iv) Cash sales of $480 had been erroneously recorded in the cash account as $448. (v) A check paid for $1,250 was erroneously recorded by the bank in the bank statement as $1,350. (vi) Checks outstanding, $1,463. (vii) Deposits in transit not recorded by bank, $750. Required: Prepare the bank reconciliation for Clive Company as of September 30, 2021.
On December 31, 2020, TEJ Company had a cash balance per books of $8,664. The statement from DUABI Islamic Bank on that date showed a balance of $15,900. A comparison of the bank statement with the Cash account revealed the following facts. NSF check of customer returned by bank $4,200. Check No. 210 was correctly written and paid by the bank for $593. The cash payment journal reflects an entry for Check No. 210 as a debit to Accounts Payable and a credit to Cash in Bank for $539. Bank service charge for December was $100. A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared by the bank in December. The bank collected a note receivable for the company for $3,000 plus $100 interest revenue. Checks written in December but still outstanding $8,000. Checks written in November but still outstanding $5,150. Deposits of December 29 and 30…
As on 30 April the Bank statement of CAT LLC reports a bank balance of RO 6,250, without recording a credit transfer from a customer of RO 4,200 and a standing order payment of RO 3,500. Deposits awaiting clearance were RO 3,400 and the value of cheques yet to be presented on this date was RO 3,780. The cash bank balance is. a. RO 4330 b. Ro 8170 c. RO 2830 d. RO 1920
On December 31, 2021, the cash account of Brown Company showed a balance of P391,480. The bank statement on that date showed a balance of P409,500. Upon examining the cash records and the bank statement, the following information were determined.a. There was a bank service charge of P 1,500 for the month of December 2021.b. There was a credit memo for a note collected by the bank for Brown Co. The customer’s note is P90,000 with interest of P2,600. The bank charged a collection fee of P550c. December 31, 2021 receipts for P289,000 were deposited only on January 2, 2022d. Checks issued which have not yet cleared the bank as at December 31,2021 amounts to P186,610e. There is a debit memo for P45,320 for a customer’s check returned marked “DAIF”f. A receipt of P90,000 had been entered as P60,000 in the cash book. Check # 12345 issued amounting to P49,100 was erroneously recorded as P41,900 and check # 12346 issued in the correct amount of P5,820 had been taken up as P58,200.What is the…
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…
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answer in text form please (without image)
May you please help me determine the true cash balance for February 28, 2020?

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