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

Apr. 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.
Aug. 31	Signed a contract to provide security service to a small apartment complex and collected six months fees in advance amounting to $19,800. (Use an account called Unearned Revenue.)
Dec. 31	Determined salary and wages of $33,000 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 service.

Required:
1&2.	Complete the required journal entries for each of the above transactions. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

1. Record the borrowing of $495,000.

2. Record the purchase of inventory worth $68,000 on account.

3. Record the payment for inventory in full.

4. Record the collection of six months security service fees in advance amounting to $19,800.

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 fees.

Show how all of the liabilities arising from these items are reported on the balance sheet at December 31. (Do not round intermediate calculations.)

JACK HAMMER COMPANY
Balance Sheet (partial)
At December 31