Jack Hammer Company completed the following transactions. The annual accounting period ends December $31.$

$4$

$0\mathrm{.}84$ points

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April $30$ Received $$660,000$ from Commerce Bank after signing a $12-$month, $7$ percent, promissory note.

June $6$ Purchased merchandise on account at a cost of $$79,000.($Assume a perpetual inventory system.$)$

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 $$26,400.$

December $31$ Determined salary and wages of $$44,000$ 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:

& $2.$ Prepare journal entries for each of the transactions through August $31$ and adjusting entries required on December $31.$

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 $2$

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.$)$

Journal entry worksheet

$1$

$2$

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$4$

$5$

$6$

$7$

Record the borrowing of $$660,000.$