Chapter 10 Homework Jack Hammer Company completed the following transactions. The annual accounting period ends December 31 Apr. 30 Received $525,000 from Commerce Bank after signing a 12-month, 6 percent, June 6 Purchased merchandise on account at a cost of $70,000. (Assune a perpetual 8 promissory note. inventory system starting in September, and collected six months' fees in advance amounting to 12 pointsJuly 15 Paid for the June 6 parchase. Aug. 31 signed a contract to provide security service to a small apartment complex Dec. 31 Determined salary and vages of $35,000 were earned but not yet paid as of Dec. 31 Adjusted the accounts at year-end, relating to interest. $21,000 eBook Decenber 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 1. &2. Prepare journal enthies for each of the transactions through August 31 and adjusting entries required on Print Reference December 31 3. Show how all of the iabilities arising from these items are reported on the balance sheet at December 31 Complete this question by entering your answers in the tabs below. Req 1Req 3 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.) Show lessA View transaction list Journal entry worksheet 112 3 4 5 6 7 Record the borrowing of $525,000. Note: Enter debits before credits 30 Record entry View general journal Clear entry Req 3 > Chapter 10 Homework Jack Hammer Company completed the following transactions. The annual accounting period ends December 31 Apr. 30 Received $525,000 from Commerce Bank after signing a 12-month, 6 percent, June 6 Purchased merchandise on account at a cost of $70,000. (Assume a perpetual July 15 Paid for the June 6 purchase. promissory note. inventory system. starting in September, and collected six months fees in advance amounting to 12 points Aug. 31 Signed a contract to provide security service to a small apartment complex $21,000 Dec. 31 Determined salary and wages of $35,o00 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. ec3 Adusted the accounts at year-end, relating to security service. Print Required: Reference 1.8 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. Req 1 Req 3 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 KReq 1 and 2 Reg & >
