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Jack Hammer Company completed the following transactions. The annual accounting period ends December 3 1 . April 3 0 Received $ 8 7 6 ,
Jack Hammer Company completed the following transactions. The annual accounting period ends December
April Received $ from Commerce Bank after signing a month, percent, promissory note.
June Purchased merchandise on account at a cost of $Assume a perpetual inventory system.
July Paid for the June purchase.
August Signed a contract to provide security service to a small apartment complex starting in September, and collected six months fees in advance, amounting to $
December Determined salary and wages of $ were earned but not yet paid as of December ignore payroll taxes
December Adjusted the accounts at yearend, relating to interest.
December Adjusted the accounts at yearend, relating to security service.
Required:
For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation.
For each item, indicate whether the debttoassets ratio is increased or decreased or there is no change. Assume Jack Hammers debttoassets ratio is less than
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