Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30 Received $560,000 from Commerce Bank after signing a twelve-month, 7 percent, promissory note June 6 Purchased merchandise on account at a cost of $71,000 (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 $23,400 (Use an account called Deferred Revenue.) Dec. 31 Determined salary and wages of $36,000 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 4 Received $560,000 from Commerce Bank after signing a twelve-month, 7 percent, promissory note. Note: Enter debits before credits. 2. Prepare all adjusting entries required on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Determined salary and wages of $36,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Note: Enter debits before credits. 3. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31 . On January 1, when the market interest rate was 9 percent, Selton Corporation completed a $290,000,8 percent bond issue for 271,387. The bonds were dated January 1, pay interest each December 31, and mature in ten years. Selton amortizes the bond liscount using the straight-line method. Assume Selton Corporation uses the effective-interest method to amortize the bond discount. Required: . Prepare the journal entry to record the bond issuance. (If no entry is required for a transaction/event, select "No journal entry equired" in the first account field.) Journal entry worksheet Record the issuance of bonds. Note: Enter debits before credits. 2. Prepare the journal entry to record the interest payment on December 31. (If no entry is required for a transaction/event, select No journal entry required" in the first account field. Round your answers to the nearest dollar amount.) 3. Prepare a bond discount amortization schedule for these bonds. (Round your answers to the nearest dollar amount.)