for the note section is there anything that needs to be added to the balance sheet, T accounts, journal entries,or incorm statement for january 31,2020

Balance Shee 12/31/19 $ sets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets 3.000.00 1,250.00 100.00 $ $ 4,350.00 12. $ on-Current Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property. Plant, and Equipment Total Assets 10,000.00 25,000.00 15,000.00 (12,000,00) $ $ $ 38,000.00 42,350.00 $ 100.00 150.00 ilities: arrent Liabilities Accounts Payable Accrued Expense alary and Wages Payable lotes Payable nearned Revenue Total Liabilities $ 1,500.00 S 1,750.00 holder's Equity ommon Stock - $1 par (See Note Below) tained Earnings Total Equity Total Liabilities and Equity $ $ 15,000.00 25,600.00 $ $ 40,600.00 42,350.00 actions during January 2020: On January 2, 2020, ACC executed a 3 month-6% promissory note for $10,000.00 in favor of its k, Cheatem Trust Company, Inc. for working capital purposes. An invoice was received from ACC's insurance provider on January 15, 2020, for casualty urance coverage in the amount of $2,400.00 for the period January 1, through December 31, 2020. mployees earned salary and wages in January of $6,500.00 which was paid on February 1, 2020. he insurance premium described in transaction 2 was paid on January 31, 2020. ffice expense of $1,500 for the month of January was paid in cash on 01/30/20. surance expense for the month of January was recorded on 01/31/20. epreciation expense for the month of January was $1,000.00 muary 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 $500.00 of the services required that were being accounted for as unearned revenue in addition to revenues described in transaction 8. 10. ACC recorded interest expense associated with the Note Payable described in transaction 1. X NOTE: Other events possibly having an effect on the company: At the end of January, the Board of Directors voted to shut down and liquidate a component of the company's operations. This represents a strategic shift in their operations. The component experienced a 2,100 loss during January. This was partially offset by a $1,200 gain on the disposition of the assets. Both of these transactions are net of tax and have already been appropriately reflected in the Retained Earnings balance shown on the December 31, 2019 Balance Sheet. Note 14 of ACC's financial statements for the year ended 12/31/19 indicates the company's effective tax rate to be 25% The company's common stock account includes 100,000 shares authorized, 1,000 shares issued and outstanding interest expense associated with the Note Payable described in transaction 1. NOTE Other events possibly having an effect on the company: At the end of January, the Board of Directors voted to shut down and liquidate a component of the company's operations. This represents a strategic shift in their operations. The component experienced a 2,100 loss during January. This was partially offset by a $1,200 gain on the disposition of the assets. Both of these transactions are net of tax and have already been appropriately reflected in the Retained Earnings balance shown on the December 31, 2019 Balance Sheet. *Note 14 of ACC's financial statements for the year ended 12/31/19 indicates the company's effective tax rate to be 25% The company's common stock account includes 100,000 shares authorized, 1,000 shares issued and outstanding Required: On separate sheets of paper, please: Prepare the appropriate journal entries 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 January 2020. *Prepare ACC's Income Statement for the month ending January 31, 2020 Prepare ACC's Balance Sheet at January 31, 2020. for the section Note do I need to add y Income statement to Jornalentries, Taccentsy 1/31/20 or Balance sheet January 31, 2020 Balance Sheet 12/31/19 $ Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets 3,000.00 1,250.00 100.00 $ $ 4,350.00 $ Non-Current Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Total Assets $ 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ 38,000.00 42,350.00 100.00 150.00 Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Notes Payable Unearned Revenue Total Liabilities $ 1,500.00 $ 1,750.00 Shareholder's Equity Common Stock - $1 par (See Note Below) Retained Earnings Total Equity Total Liabilities and Equity $ $ 15,000.00 25,600.00 $ $ 40,600.00 42,350.00 Transactions during January 2020: - 1. On January 2, 2020, ACC executed a 3 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. 3. Employees earned salary and wages in January of $6,500.00 which was paid on February 1, 2020. 4. The insurance premium described in transaction 2 was paid on January 31, 2020. 5. Office expense of $1,500 for the month of January was paid 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 January 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 $500.00 of the services required that were being accounted for as unearned revenue in addition to revenues described in transaction 8. 10. ACC recorded interest expense associated with the Note Payable described in transaction 1. NOTE:Other events possibly having an effect on the company: At the end of January, the Board of Directors voted to shut down and liquidate a component of the company's operations. This represents a strategic shift in their operations. The component experienced X assets. Both of these transactions are net of tax and have already been appropriately reflected in the Retained Earnings balance shown on the December 31, 2019 Balance Sheet *Note 14 of ACC's financial statements for the year ended 12/31/19 indicates the company's effective tax rate to be 25% The company's common stock account includes 100,000 shares authorized, 1,000 shares issued and outstanding Required: On separate sheets of paper, please: Prepare the appropriate journal entries 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 January 2020 Prepare ACC's Income Statement for the month ending January 31, 2020 Prepare ACC's Balance Sheet at January 31, 2020. for the section Note do I need to add to Journalentries, Taccentsy or Balance sheet January 31, 2020 ents, Income statement 1/31/20 Balance Shee 12/31/19 $ sets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets 3.000.00 1,250.00 100.00 $ $ 4,350.00 12. $ on-Current Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property. Plant, and Equipment Total Assets 10,000.00 25,000.00 15,000.00 (12,000,00) $ $ $ 38,000.00 42,350.00 $ 100.00 150.00 ilities: arrent Liabilities Accounts Payable Accrued Expense alary and Wages Payable lotes Payable nearned Revenue Total Liabilities $ 1,500.00 S 1,750.00 holder's Equity ommon Stock - $1 par (See Note Below) tained Earnings Total Equity Total Liabilities and Equity $ $ 15,000.00 25,600.00 $ $ 40,600.00 42,350.00 actions during January 2020: On January 2, 2020, ACC executed a 3 month-6% promissory note for $10,000.00 in favor of its k, Cheatem Trust Company, Inc. for working capital purposes. An invoice was received from ACC's insurance provider on January 15, 2020, for casualty urance coverage in the amount of $2,400.00 for the period January 1, through December 31, 2020. mployees earned salary and wages in January of $6,500.00 which was paid on February 1, 2020. he insurance premium described in transaction 2 was paid on January 31, 2020. ffice expense of $1,500 for the month of January was paid in cash on 01/30/20. surance expense for the month of January was recorded on 01/31/20. epreciation expense for the month of January was $1,000.00 muary 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 $500.00 of the services required that were being accounted for as unearned revenue in addition to revenues described in transaction 8. 10. ACC recorded interest expense associated with the Note Payable described in transaction 1. X NOTE: Other events possibly having an effect on the company: At the end of January, the Board of Directors voted to shut down and liquidate a component of the company's operations. This represents a strategic shift in their operations. The component experienced a 2,100 loss during January. This was partially offset by a $1,200 gain on the disposition of the assets. Both of these transactions are net of tax and have already been appropriately reflected in the Retained Earnings balance shown on the December 31, 2019 Balance Sheet. Note 14 of ACC's financial statements for the year ended 12/31/19 indicates the company's effective tax rate to be 25% The company's common stock account includes 100,000 shares authorized, 1,000 shares issued and outstanding interest expense associated with the Note Payable described in transaction 1. NOTE Other events possibly having an effect on the company: At the end of January, the Board of Directors voted to shut down and liquidate a component of the company's operations. This represents a strategic shift in their operations. The component experienced a 2,100 loss during January. This was partially offset by a $1,200 gain on the disposition of the assets. Both of these transactions are net of tax and have already been appropriately reflected in the Retained Earnings balance shown on the December 31, 2019 Balance Sheet. *Note 14 of ACC's financial statements for the year ended 12/31/19 indicates the company's effective tax rate to be 25% The company's common stock account includes 100,000 shares authorized, 1,000 shares issued and outstanding Required: On separate sheets of paper, please: Prepare the appropriate journal entries 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 January 2020. *Prepare ACC's Income Statement for the month ending January 31, 2020 Prepare ACC's Balance Sheet at January 31, 2020. for the section Note do I need to add y Income statement to Jornalentries, Taccentsy 1/31/20 or Balance sheet January 31, 2020 Balance Sheet 12/31/19 $ Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets 3,000.00 1,250.00 100.00 $ $ 4,350.00 $ Non-Current Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Total Assets $ 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ 38,000.00 42,350.00 100.00 150.00 Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Notes Payable Unearned Revenue Total Liabilities $ 1,500.00 $ 1,750.00 Shareholder's Equity Common Stock - $1 par (See Note Below) Retained Earnings Total Equity Total Liabilities and Equity $ $ 15,000.00 25,600.00 $ $ 40,600.00 42,350.00 Transactions during January 2020: - 1. On January 2, 2020, ACC executed a 3 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. 3. Employees earned salary and wages in January of $6,500.00 which was paid on February 1, 2020. 4. The insurance premium described in transaction 2 was paid on January 31, 2020. 5. Office expense of $1,500 for the month of January was paid 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 January 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 $500.00 of the services required that were being accounted for as unearned revenue in addition to revenues described in transaction 8. 10. ACC recorded interest expense associated with the Note Payable described in transaction 1. NOTE:Other events possibly having an effect on the company: At the end of January, the Board of Directors voted to shut down and liquidate a component of the company's operations. This represents a strategic shift in their operations. The component experienced X assets. Both of these transactions are net of tax and have already been appropriately reflected in the Retained Earnings balance shown on the December 31, 2019 Balance Sheet *Note 14 of ACC's financial statements for the year ended 12/31/19 indicates the company's effective tax rate to be 25% The company's common stock account includes 100,000 shares authorized, 1,000 shares issued and outstanding Required: On separate sheets of paper, please: Prepare the appropriate journal entries 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 January 2020 Prepare ACC's Income Statement for the month ending January 31, 2020 Prepare ACC's Balance Sheet at January 31, 2020. for the section Note do I need to add to Journalentries, Taccentsy or Balance sheet January 31, 2020 ents, Income statement 1/31/20