Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 38 Received $645, eee from Commerce Bank after signing a 12-month, 6 percent, promissory note. June 6 Purchased merchandise on account at a cost of $78,000. (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 starting in September, and collected fees in advance amounting to $25,800. Dec. 31 Determined salary and wages of $43,000 were carned 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. Prepare journal entries for each of the transactions through August 31 and adjusting entries required on December 3 3. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 Prepare journal entries for each of the transactions through August 31 and adjusting entries required on December 31. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) No Credit Date Apr 30 General Journal Cash Notes Payable (long-term) Debit 145,000 1 x 845.000 2 Jun og 78.000 . Inventories Accounts Payable O 78.000 Jul 15 78.000 Accounts Payable Cash OO 78.000 4 Aug 31 Cash 25.800 Service Revenue x 25.800 5 Dec 31 43.000 Salaries and Wages Expense Salaries and Wages Payable 43.000 Oo OO 6 Dec 31 25.000 Interest Expense Interest Payable 25.800 Dec 31 x 17200 Service Revenue Service Revenue 17200 Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 38 Received $645, eee from Commerce Bank after signing a 12-month, 6 percent, promissory note. June 6 Purchased merchandise on account at a cost of $78,020. (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 starting in September, and collected six mo fees in advance amounting to $25,800. Dec. 31 Deternined salary and wages of $43,200 were carned 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. Prepare joumal entries for esch 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req3 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 Current Liabilities
