Prepare the appropriate journal entries associated with the transactions. Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses

 Prepare the appropriate journal entries associated with the transactions.

  

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Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Non-Current Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Notes Payable Unearned Revenue Total Liabilities Total Assets Shareholder's Equity Common Stock-$1 par (See Note Below) Retained Earnings Total Equity Total Liabilities and Equity $ $ $ $ ACC Company, Inc. Balance Sheet 12/31/19 3,000.00 1,250.00 100.00 10,000.00 25,000.00 15,000.00 (12,000.00) 100.00 150.00 1,500.00 $ 15,000.00 $ 25,600.00 $ 4,350.00 $ $ S 38,000.00 42,350.00 $ 1,750.00 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." Assets: Current Assets: Cash Accounts Receivable Prepaid Expenses Total Current Assets Non-Current Assets: Property, Plant, and Equipment Land Buildings Equipment Accumulated Depreciation Total Property, Plant, and Equipment Liabilities: Current Liabilities Accounts Payable Accrued Expense Salary and Wages Payable Notes Payable Unearned Revenue Total Liabilities Total Assets Shareholder's Equity Common Stock-$1 par (See Note Below) Retained Earnings Total Equity Total Liabilities and Equity $ $ $ $ ACC Company, Inc. Balance Sheet 12/31/19 3,000.00 1,250.00 100.00 10,000.00 25,000.00 15,000.00 (12,000.00) 100.00 150.00 1,500.00 $ 15,000.00 $ 25,600.00 $ 4,350.00 $ $ S 38,000.00 42,350.00 $ 1,750.00 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."

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