Answer all of these, please and correctly!!
Jack Hammer Company completed the following transactions. The annual accounting period ends December 31 Apr. 30 Received $600, eee from Commerce Bank after signing a 12-month, 6 percent, promissory note. June 6 Purchased merchandise on account at a cost of $75,eee. (Assune a perpetual inventory system.) July 15 Paid for the June 6 purchase. Aug. 31 Sigmed a contract to provide security service to a snall apartent complex starting in September, and collected six months fees in advance anounting to $24, e08 Dec. 31 Detersined salary and wages of $4e,e0e were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 1. & 2 Prepare joumal 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 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 3 Req 1 and 2 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 field.) No Date General Journal Debit Credit Cash 600,000 Apr 30 1 600,000 Notes Payable (short-term) 75.000 Inventories Jun 08 75.000 Accounts Payable 75,000 3 Accounts Payable Jul 15 75,000 Cash 4 24,000 Aug 31 Cash 24,000 Rent Revenue Salaries and Wages Expense Dec 31 40.000 Salaries and Wages Payable 40,000 Interest Expense Dec 31 24,000 Interest Payable 24.000 Dec 31 Rent Revenue 18.000 Service Revenue 16.000 3 PA10-2 Recording and Reporting Current Llabliltles with Evaluation of Effects on the Debt-to-Assets Ratio (LO 10-2, LO 10-5] nts Jack Hammer Company completed the following transactions. The annual accounting period ends December 31 Apr. 30 Received $680,eee from Commerce Bank after signine a 12-month, 6 percent, promissory note. June 6 Purchased merchandise on account at a cost of $75,eee. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. Aug. 31 Signed a contract to provide security service to a small apartnent conmplex starting in September, and collected six months fees in advance amounting to $24,e00. Dec. 31 Determined salary and wages of $4e,0ee were earned but not yet paid as off December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 1. & 2 Prepare jounal 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 3 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3 Req 1 and 2 Show how all of the liabilities arising from these items are reported on the balance sheet at December 31. (Do not round intermediate calculations.) JACK HAMMER COMPANY Balance Sheet (partial) At December 31 Current Liabilities s 600,000 Notes Payable (short-term) 40.000 Rent Revenue 40.000 Salaries and Wages Payable Interest Payable 24.000 S 704.000
