Examination | - Problem Component Please use the following Balance Sheet and Transaction information to prepare your responses to the required submissions detailed below: ACC Company, Inc. Balance Sheet December 31, 2019 Assets: Current Assets: Cash :1; 1,500.00 Accounts Receivable 1,250.00 Prepaid Expenses 55 100.00 Total Current Assets $ 2,850.00 Long-Term Assets: Property, Plant, and Equipment Land $ 10,000.00 Buildings 25,000.00 Equipment 15,000.00 Accumulated Depreciation $ (12,000.00) Total Property, Plant, and EquipmenW Total Assets m Liabilities: Current Liabilities Accounts Payable $ 100.00 Accrued Expense 150.00 Salary and Wages Payable $ - Total Liabilities W Shareholder's Equity Common Stock - $1 par $ 15,000.00 Retained Earnings $ 25,600.00 Total Equity W Total Liabilities and Equity m 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 * Drnnarn AFT": Rnianro (hnnf 2f Ianllanr '11 anon