Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $495,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note. June 6 Purchased merchandise on account at a cost of $68,000. (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 $19,800. December 31 Determined salary and wages of $33,000 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 > Record the purchase of inventory worth $68,000 on account. Note: Enter debits before credits. General Journal Debit Credit Date June 06 1 2. 3 4 5 6 7 Record the payment for inventory in full. Note: Enter debits before credits. General Journal Debit Credit Date July 15 5 6 7 Record the collection of six month's security service fees in advance amounting to $19,800. Note: Enter debits before credits. General Journal Debit Credit Date August 31 1 2 3 4 4 5 6 7 Record the wages earned, but not yet paid as of December 31. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record the adjusting entry relating to interest. Note: Enter debits before credits. General Journal Debit Credit Date December 31 >