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Notes Payable (due 2025) Common Stock Retained Earnings 60,000 2,500,000 1,419,700 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 January transactions are shown below: a. Received $50,000 cash from customers on 1/1 for subscriptions that had already been earned in 2017. b. Purchased 10 new computer servers for $33,500 on 1/2; paid $10,000 cash and signed a three-year note for the remainder owed. c. Paid $10,000 for an Internet advertisement run on 1/3. d. On January 4, purchased and received $3,000 of supplies on account. e. Received $170,000 cash on 1/5 from customers for service revenue earned in January. f. Paid $3,000 cash to a supplier on January 6. g. On January 7, sold 15,000 subscriptions at $15 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $378,000 in wages to employees on 1/30 for work done in January. i. On January 31, received an electric and gas utility bill for $5,350 for January utility services. The bill will be paid in February. General General Income Retained Balance Sheet Analysis Trial Balance Requirement Journal Ledger Statement Earnings Prepare the journal entries to record the transactions (a) through (1). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Notes Payable (due 2025) Common Stock Retained Earnings 60,000 2,500,000 1,419,700 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 January transactions are shown below: a. Received $50,000 cash from customers on 1/1 for subscriptions that had already been earned in 2017. b. Purchased 10 new computer servers for $33,500 on 1/2; paid $10,000 cash and signed a three-year note for the remainder owed. c. Paid $10,000 for an Internet advertisement run on 1/3. d. On January 4, purchased and received $3,000 of supplies on account. e. Received $170,000 cash on 1/5 from customers for service revenue earned in January. f. Paid $3,000 cash to a supplier on January 6. g. On January 7, sold 15,000 subscriptions at $15 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $378,000 in wages to employees on 1/30 for work done in January. i. On January 31, received an electric and gas utility bill for $5,350 for January utility services. The bill will be paid in February. General General Income Retained Balance Sheet Analysis Trial Balance Requirement Journal Ledger Statement Earnings Prepare the journal entries to record the transactions (a) through (1). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

FINANCIAL ACCOUNTING
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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How do I write journal entries for these separate transactions? And which are debit/credit?
Saved Notes Payable (due 2025) Common Stock Help 60,000 2,500,000 1,419,700 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 Utilities Expense. The January transactions are shown below: a. Received $50,000 cash from customers on 1/1 for subscriptions that had already been earned in 2017. b. Purchased 10 new computer servers for $33,500 on 1/2; paid $10,000 cash and signed a three-year note for the remainder owed. c. Paid $10,000 for an Internet advertisement run on 1/3. d. On January 4, purchased and received $3,000 of supplies on accouit. e. Received $170,000 cash on 1/5 from customers for service revenue earned in January. f. Paid $3,000 cash to a supplier on January 6. g. On January 7, sold 15,000 subscriptions at $15 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $378,000 in wages to employees on 1/30 for work done in January. i. On January 31, received an electric and gas utility bill for $5,350 for January utility services. The bill will be paid in February. Вook Print Ferences Requirement General General Trial Balance Income Retained Journal Ledger Statement Earnings Balance Sheet Analysis Prepare the journal entries to record the transactions (a) through (i). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Mc Graw Hill 1 of 1 Next> Prey 26 MacBook Pro
Transcribed Image Text:Saved Notes Payable (due 2025) Common Stock Help 60,000 2,500,000 1,419,700 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 Utilities Expense. The January transactions are shown below: a. Received $50,000 cash from customers on 1/1 for subscriptions that had already been earned in 2017. b. Purchased 10 new computer servers for $33,500 on 1/2; paid $10,000 cash and signed a three-year note for the remainder owed. c. Paid $10,000 for an Internet advertisement run on 1/3. d. On January 4, purchased and received $3,000 of supplies on accouit. e. Received $170,000 cash on 1/5 from customers for service revenue earned in January. f. Paid $3,000 cash to a supplier on January 6. g. On January 7, sold 15,000 subscriptions at $15 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $378,000 in wages to employees on 1/30 for work done in January. i. On January 31, received an electric and gas utility bill for $5,350 for January utility services. The bill will be paid in February. Вook Print Ferences Requirement General General Trial Balance Income Retained Journal Ledger Statement Earnings Balance Sheet Analysis Prepare the journal entries to record the transactions (a) through (i). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Mc Graw Hill 1 of 1 Next> Prey 26 MacBook Pro
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