Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30 Received 6571,200 from Commerce tank after signing twelve-month, 7 percent, promissory note June 6 Purchased merchandise on account at a cost of $83,500 (Ansune a perpetual inventory waten.) July 15 Paid for the June 6 purchase Aug. 31 signed a contract to provide security services to a mall apartment complex and collected six months tous in advance, amounting to $29,100 (Une an account called Deferred Revenu.) Dec. 31 Determined salary and vapen of 448.500 vere earned but not yet paid as of December 31 (ignore payroll taxe) Dec. 31 Adjusted the account at year-end, relating to interest Dec. 31 Adjusted the accounts at year-end, relating to security Services Required: 1. For each listed transaction and related adjusting entry, Indicate the effects (accounts, and amounts on the accounting equation, using the following format: (Enter any decreases to accounts with a minus sign:) Answer is complete but not entirely correct. Date Assets 571,200 Cash Inventory Cash Cash Blolo 571.200 83,500 (83,500) 29,100 Apr. 30 June 6 July 15 Aug 31 Dec. 31 Dec. 31 Dec. 31 Liabilities Note payable Accounts payable Accounts payable Deferred revenue Salaries and wages payable Interest payable Deferred revenue OOOO 83,500 (80.500) 20,100 45.500 22,346 15,232 Intro Service re twelve-month, 7 percent, promissory note 50 (Assume a perpetual inventory syaten.) amall apartment complex and collected six months' fees in Deferred Revenue.) but not yet paid as of December 31 (ignore payroll taxes) cest ity services effects (accounts, and amounts on the accounting equation, minus sign.) Shareholders' Equity 00 00 Answer is complete but not entirely correct. Liabilities Note payable 571,200 Accounts payable 83,500 Accounts payable (83,500) Deferred revenue 29.100 Salaries and wages payable 48,500 Interest payable 22,848 Deferred revenue 15,2323 00) 00 Salaries and wages expenso Interest expense Service revenue (48,500) (22.848) (15,232) Lakeview Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, calculated the payroll, which indicates gross earnings for wages ($140,000), payroll deductions for Income tax ($14,000), payroll deductions for CPP ($11,000) and El ($7.000), payroll deductions for Canadian Cancer Society ($9,000), and employer contributions for CPP (matching) and El ($9,800). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. b. Collected rent revenue of $9,600 on December 10 for office space that Lakeview rented to another business. Rent collected was for thirty days from December 11 to January 10 and was credited in full to Deferred Revenue. Required: 1. Prepare the journal entries to record payroll on December 31. (if no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) View transaction list Journal entry worksheet Record the wages expense, including payroll deductions. Note: Enter debits before credits Transaction General Journal Dobit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the Interest payments on December 31, 2020 Note: Enter debits before or Date General Journal Debit Credit Dec 31, 2020 Record entry Clear entry View general journal 4. Prepare the journal entry to record the interest and face value payment on December 31, 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.) View transaction list Journal entry worksheet Record the interest and face value payment on December 31, 2022 Note: Enter debits before credite Date General Journal Dobit Credit Dec 31, 2022 Record entry Clear entry View general Journal 5. Assume the bonds are retired on January 1, 2022, at a price of 98. Give the journal entries to record the bond retirement. (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 Record the bond retirement Note: Enter debits before credits Date Jan 01, 2022 General Journal Debit Credit Record entry Clear entry View general journal