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Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $510,000 trom Comerce Bank after signing a 12-month,

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Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $510,000 trom Comerce Bank after signing a 12-month, 7 percent, pronissory note. June 6 Purchased merchandise on account at a cost of $69,000. (Assuse 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 septenber, and collected six months fees in advance, amounting to $20,400. December 31 Determined salary and wages of $34,000 were earned but not yet paid as of December 31 ( 1 gnore payro 11 taxes). December 31 Adjusted the accounts at year-end, relating to interest. December 31 Adjusted the accounts at year-end, relating to security llervice. Required: 1. \& 2. Prepare journal cies 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 . Complete this question by entering your answers in the tabs below. Prepare journal entries for each of the transactions through August 31 and adjusting entries required on December 31 . (Do not round intermedlate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 2 Record the purchase of inventory worth $69,000 on account. 3 Record the payment for inventory in full. 4 Record the collection of six month's security service fees in advance amounting to $20,400. 5 Record the wages earned, but not yet paid as of December 31 . 6 Record the adjusting entry relating to interest. 7 Record the adjusting entry relating to security service feps Note: = journal entry has been entered Complete this question by entering your answers in the tabs below. Show how all of the liabilities arising from these items are reported on the balance sheet at Dec intermediate calculations.) Journal entry worksheet 234

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