It is the end of January 20x1.At the beginning of January 20x1 your company entered and paid a bill from Business Insurance Associates for the annual insurance premium. A copy of the bill is below along with the asset section of the balance sheetafterall the month-end closing tasks have been completed.What is wrong at January 31, 20x1?

Student Company Balance Sheet As ofJanuary 31, 20x1 Total ASSETS Current Assets 100 Checking $ ?.000.00 120 Accounts Receivable 1,450.00 130 Inventory Asset 4,425.00 135 Prepaid Insurance 1,200.00 Total Current Assets $ 14,075.00 TOTAL ASSETS $ 14,035.00 INVOICE INVOICE # V710 Business Insurance Associates DATE: JANUARY 1, 20X1 590 Main St. Dallas, TX 75023 Payment Terms Due Upon Receipt TO Student Company SHIP Student Company 123 Main Street TO 123 Main Street Dallas, TX 75023 Dallas, TX 75023 214-555-1212 214-555-1212 QTY ITEM # DESCRIPTION UNIT PRICE DISCOUNT LINE TOTAL 12 Annual Business Insurance Coverage 100 $1,200 Term of Policy: 1/1/20x1 - 12/31/20x1 SUBTOTAL $1,200 TOTAL $1,200.00 THANK YOU FOR YOUR BUSINESS