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

April $30$ Received $$600,000$ from Commerce Bank after signing a $12-$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.

August $31$ Signed a contract to provide security service to a small apartment complex starting in September, and collected six months$$ fees in advance, amounting to $$24,000.$

December $31$ Determined salary and wages of $$40,000$ 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 liabilities arising from these items are reported on the balance sheet at December $31.$