Balance Sheet 12/31/19 Assets: Current Assets Cash Accounts Receivable Prepaid Expenses 3,000.00 1.250.00 100.00 4. The insurance premium described in tra tion 2 was puidun kamury 31, 2020. 5. Office expense of $1,500 for the month of January was puid in cash on 01/30/20 6. Insurance expense for the month of January was recorded on 01/31/20 7. Depreciation expense for the month of Ianuary was $1,000.00 8. January service revenue for the Company is $21,000.00. All revenues are recorded as 'on account." 9. ACC reviewed its work product for January and determined that it had performed SS00.00 of the servirns inquind that were ning around for as uncanned revenue in addition to revenues described in transaction 10. ACC recorded interest expense associated with the Note Payable described in transaction 1. Total Current Assets 4,250.00 Non-Current Assets: Property. Plant, and Equipment Land Buildings Equipment $ 10,000.00 25,000.00 15,000.00 Accumulated Depreciation (12,000.00) NOTE: Other events possibly having an effect on the company: * At the end of Kanuary, the Bourd of Directors voled to shut down and liquidate a component of the company's operations. This represents a strategic shift in their operations. The component experienced * 2,100 loss during lanuary. This was partially offset by a $1,200 Rain on the disposition of the assets. Mothelsese transactions are net of tax and have already been appropriately reflected in the Hetained Earnings balance shown on the December 31, 2019 Balance Sheet Note 14 A ACC's Financial statements for the year anded 12/21/19 indicates the company's cttective tax rate to be 25%. * The company's common stock account includes 100,000 shares authorized 1,000 shares issued and outstanding Talal Properly, Plant, and Equipment 38,000.00 Total Assets 42,350.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Notes Payable linearned Revenue 100.00 150.00 Required: On separate sheets of paper, please: Prepare the appropriate journal en les associated with the above transactions. It is not necessary to prepare journal entries associated with the discontinued component Prepare a "T" account depiction of the Company's General ledger activity for the month of lanuary 2010 Prepare ACC's Income Statement for the month ending January 31, 2020 Prepare ACC's Balance Sheet at January 31, 2020 $ 1,500.00 Total Liabilities 1,750.00 Shareholder's Equity Common Stock - Si par (See Note Below Retained Eamings $ $ 15,000.00 25,600.00 Total Equity 40,600.00 Total Liabilities and Equity 12,350.00 Transactions during January 2020: 1. On lanuary 2, 2020, ACC executed a month 6% promissory note for $10,000.00 in favor of its bank, Cheatem Trust Company, Inc. for working capital purposes. 2. An invoice was received from ACC's Insurance provider on January 15, 2020, for casualty insurance coverage in the amount of $2,400.00 for the period January 1, through December 31, 2020. 1. Employees camned salary and wages in Lanuary of $6,500.00 which was paid on ebruary 1, 2020. Balance Sheet 12/31/19 Assets: Current Assets Cash Accounts Receivable Prepaid Expenses 3,000.00 1.250.00 100.00 4. The insurance premium described in tra tion 2 was puidun kamury 31, 2020. 5. Office expense of $1,500 for the month of January was puid in cash on 01/30/20 6. Insurance expense for the month of January was recorded on 01/31/20 7. Depreciation expense for the month of Ianuary was $1,000.00 8. January service revenue for the Company is $21,000.00. All revenues are recorded as 'on account." 9. ACC reviewed its work product for January and determined that it had performed SS00.00 of the servirns inquind that were ning around for as uncanned revenue in addition to revenues described in transaction 10. ACC recorded interest expense associated with the Note Payable described in transaction 1. Total Current Assets 4,250.00 Non-Current Assets: Property. Plant, and Equipment Land Buildings Equipment $ 10,000.00 25,000.00 15,000.00 Accumulated Depreciation (12,000.00) NOTE: Other events possibly having an effect on the company: * At the end of Kanuary, the Bourd of Directors voled to shut down and liquidate a component of the company's operations. This represents a strategic shift in their operations. The component experienced * 2,100 loss during lanuary. This was partially offset by a $1,200 Rain on the disposition of the assets. Mothelsese transactions are net of tax and have already been appropriately reflected in the Hetained Earnings balance shown on the December 31, 2019 Balance Sheet Note 14 A ACC's Financial statements for the year anded 12/21/19 indicates the company's cttective tax rate to be 25%. * The company's common stock account includes 100,000 shares authorized 1,000 shares issued and outstanding Talal Properly, Plant, and Equipment 38,000.00 Total Assets 42,350.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Notes Payable linearned Revenue 100.00 150.00 Required: On separate sheets of paper, please: Prepare the appropriate journal en les associated with the above transactions. It is not necessary to prepare journal entries associated with the discontinued component Prepare a "T" account depiction of the Company's General ledger activity for the month of lanuary 2010 Prepare ACC's Income Statement for the month ending January 31, 2020 Prepare ACC's Balance Sheet at January 31, 2020 $ 1,500.00 Total Liabilities 1,750.00 Shareholder's Equity Common Stock - Si par (See Note Below Retained Eamings $ $ 15,000.00 25,600.00 Total Equity 40,600.00 Total Liabilities and Equity 12,350.00 Transactions during January 2020: 1. On lanuary 2, 2020, ACC executed a month 6% promissory note for $10,000.00 in favor of its bank, Cheatem Trust Company, Inc. for working capital purposes. 2. An invoice was received from ACC's Insurance provider on January 15, 2020, for casualty insurance coverage in the amount of $2,400.00 for the period January 1, through December 31, 2020. 1. Employees camned salary and wages in Lanuary of $6,500.00 which was paid on ebruary 1, 2020