$1$

Jack Hammer Company completed the following transactions. The annual accounting period ends December $31.$

$1\mathrm{.}42$ points

April $30$ Received $$768,000$ from Commerce Bank after signing a $12-$month, $8\mathrm{.}50$ percent, promissory note. June $6$ Purchased merchandise on account at a cost of $$89,000.($Assume a perpetual inventory system.$)$ July $15$ Paid for the June $6$ purchase.

August $31$ Signed a contract to provide security service to a small apartment complex starting in September, and collected six months' fees in advance, amounting to $$31,000.$

December $31$ Determined salary and wages of $$54,000$ were earned but not yet paid as of December $31($ignore payroll taxes$).$

December $31$ Adjusted the accounts at year$-$end, relating to interest.

December $31$ Adjusted the accounts at year$-$end, relating to security service.

Required:

For each listed transaction and related adju$$ting entry, indicate the accounts, amounts, and effects on the accounting equation.

For each item, indicate whether the debt$-$to$-$assets ratio is increased or decreased or there is no change. $($Assume Jack Hammer's debt$-$to$-$assets ratio is less than $1\mathrm{.}0.)$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. $($Do not round intermediate calculations. Round your liabilities, or stockholders equity with a minus sign. Enter your answers in transaction order provided in the problem statemeht.$)$