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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 April 30 Received $750,000 from Commerce tank after signing a 12-month, 7 percent, promissory note. June 6 Purchased merchandise on account at a cost of $85,000. (Asume 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 teen in advance, amounting to $30,000. December 31 Determined salary and wages of $50,000 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: 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 labilities arising from these items are reported on the balance sheet at December 31 Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 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.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the borrowing of $750,000 Note: Enter debits before credits Debit Credit Date General Journal April 30 we Al 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. Req 1 and 2 Reg 3 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.) View transaction llat Journal entry worksheet June 6 Purchased merchandise on account at a cost of $85,000. (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 $30.000 December 31 Determined salary and wages of $50,000 were earned but not yet paid as of December 31 (ignore payroll taxes) December 31 Adjusted the accounts at year-end, rolating to interent. December 31 Adjusted the accounts at year-end, relating to security service. Required: 1. & 2. Prepare fouthal 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 and 2 Reg 3 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 $ 0