ACC3300 Intermediate Accounting! Examination I - Problem Component Please use the following Balance Sheet and Transaction information to prepare your responses to the required submissions detailed below: 1,500.00 1,250.00 100.00 ACC Company, Inc. Balance Sheet December 31, 2019 Assets: Current Assets: Cash $ Accounts Receivable Prepaid Expenses $ Total Current Assets Long-Term Assets: Property, Plant, and Equipment Land $ Buildings Equipment Accumulated Depreciation $ Total Property, Plant, and Equipment Total Assets $ 2,850.00 10,000.00 25,000.00 15,000.00 (12,000.00) $ $ 38,000.00 40,850.00 $ 100.00 150.00 $ Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Total Liabilities Shareholder's Equity Common Stock - $1 par Retained Earnings Total Equity Total Liabilities and Equity $ 250.00 $ $ 15,000.00 25,600.00 $ $ 40,600.00 40,850.00 Transactions during January 2020: 1. On January 1, 2020, the owner of ACC invested $10,000.00 cash in the company. 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 for the month of January paid in cash was $1,500.00 6. Record insurance expense for the month of January. 7. January service revenue for the Company is $21,000.00. All revenues are recorded as "on account." Required: On separate sheets of paper, please: * Prepare the appropriate journal entries associated with the above transactions. * 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. *