2 Check my work PA10-2 (Algo) Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-to- Assets Ratio [LO 10-2, LO 10-5] Jack Hammer Company completed the following transactions. The annual accounting period ends December 31 Apirit so Neceived $720,000 from Comerce Blank after signing 12 month, 5 percent, promissory note June 6 Purchased merchandise on account at a cost of $83,000. perpetual inventory system July 15 Paid for the June 6 purchase August 31 Sand a contract to provide security service to all want complex starting in September, and collectie monthses in advance, amounting to $28,800. December 31 Determined salary and was of $40,000 were earned but yet paid as of December nere pyrolltu December 11 Adjusted the accounts a year and relating to interest December 31 Adjusted the accounts at year and, relating to security service Required: 1. & 2. Prepare journal entries for each of the transactions through August 31 and adjusting entries required on December 31 3. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31 Complete this question by entering your answers in the tabs below. Red 1 and 2 Reg Prepare Journal entries for each of the transactions through August 31 and adjusting entries required on December 31. (Do not round intermediate calculations. If no entry required for a transaction/event, select No Journal Entry Required in the first account fields N Req 1 and 2 Req3 16 66 points Prepare journal entries for each of the transactions through August 31 and adjusting entries required on December 31. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account Meld.) View transaction list etlook Print Journal entry worksheet