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

Apr. $30$ Received $$600,000$ from Commerce Bank after signing a twelve$-$month, $6$ percent, promissory note

June $6$ Purchased merchandise on account at a cost of $$75,000($Assume a perpetual inventory system.$)$

July $15$ Paid for the June $6$ purchase

Aug. $31$ Signed a contract to provide security services to a small apartment complex and collected six months$$ fees in advance, amounting to $$24,000($Use an account called Deferred Revenue.$)$

Dec. $31$ Determined salary and wages of $$40,000$ 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 services

Required:

$1.$ Prepare journal entries for each of the transactions.

$2.$ Prepare all 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 $31.$