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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Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000…
Use the following information about a company's receivable transactions to determine relevant balances. * Account balances at 1/1/x2 Accounts receivable $100,000 Allowance for doubtful accounts 7,000 Allowance for sales returns 2,000 During the year, 20x2, the company had the following transactions related to receivables: • Credit sales revenue of $350,000 recorded. • Cash collections from accounts of $370,000. • Customer account write-offs in the amount of $10,000 • Customer returns of credit sales in the amount of $3,500. • Bad debt expense of $5,000 recorded at the end of the period. • The company estimates sales returns at 2% of credit sales revenue for the period. Determine the net realizeable value of receivables at the end of the year as disclosed on the balance sheet.
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
During July 2022, Midtown Catering recorded the following: - Catering services of $86,400 were provided ($64,500 on account, $21,900 for cash) - Collections on account, $58,950 - Write-offs of uncollectible receivables, $2,560 - Recovery of receivable previously written off, $1,000 Journalize Midtown's transactions during July, assuming Midtown uses the allowance method. Omit explanations. Prepare the journal entry for the write off of the accounts receivable.
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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Following are the balances of Bank Muscat for the year ended as on 31st December 2020 (Amounts are in 000’ OMR) PARTICULARS OMR Interest on Savings Account 6,000 Interest on Fixed Deposits 33,000 Interest on Loans 19,200 Rent and Rates 1,500 Interest on Current Account 4,500 Interest on Cash Credits 16,800 Discounts received 21,000 Commission Expenses 600 Commission Received 2,400 Director’s Fees 150 Salaries and Allowances 6,000 Interest on Overdrafts 18,000 Interest on borrowings from other banks 1,500 Legal Charges 90 Transfer Fees paid 1,200 Locker Rent 1,800 Other office expenses 120 Depreciation on Fixed Assets 6,000 Miscellaneous Expenses 1,200 Other Adjustments: Fair value of sale of investments were increased by: OMR 3,600 Loss on exchange difference arising on transactions of foreign operations was: OMR 600 Income tax expenses: OMR 9,000 Impairment for loans: OMR 300 Impairment for investments: OMR 2,700 Rebate on bills…
Grandview, Incorporated uses the allowance method. At December 31, 2021, the company's balance sheet reports Accounts Receivable, Net in the amount of $27, 200. On January 2, 2022, Grandview writes off a $ 2,400 customer account balance when it becomes clear that the customer will never pay. What is the amount of Accounts Receivable, Net after the write-off? a $27, 200 b $2,400 c $29, 600 d $24, 800
Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $11. 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 $ 1,630,000 208,000 15,400 936,000 516,000 1,600,000 Accounts Payable Deferred Revenue Notes Payable (due 2025) Common Stock Retained Earnings 160,000 166,000 150,000 2,700,000 1,729,400 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 $62,500 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 $41,100 on 1/2; paid $12,200 cash and signed a three-year note for the remainder owed.…
please provide correct and complete answer in text form with narration explanation calculation formula
1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?

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