To enable cheat mode, at the Virgin logo, quickly press A, B, C, B, A, C, A, B, C, B, A, C, Start. Upon correct entry, it should say CHEAT MOVE ACTIVATED below the logo.
Extra Lives
Pause the game and press A, A, A, B, B, B, C, C, C, B, A.
Level Skip
While playing, pause the game and press B, C, B, A, B, B, C, B, A, B.