Apr. 30 Received $510,000 from Commerce Bank after signing a 12-month, 7 percent, promissory note. June 6 Purchased merchandise on account at a cost of $69,000. (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 apartment complex starting in September, and collected six months' fees in advance amounting to $20,400. Dec. 31 Determined salary and wages of $34,000 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 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. Credit Debit 510,000 Recora tne porrowing or $510,000. 510,000 Record the purchase of inventory worth $69,000 on account. 69,000 69,000 3 Record the payment for inventory in full. 69,000 Record the collection of six month's security service fees in advance amounting to $20,400. 69,000 20,400 5 Record the wages earned, but not yet paid as of December 31. 20,400 6 Record the adjusting entry relating to interest. Record the adjusting entry relating to security service Note : = journal entry has been entered Interest Payable