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Need help on this one! Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30 Received $600,000 from Commerce
Need help on this one!
Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30 Received $600,000 from Commerce Bank after signing a twelve-month, 6 percent, promissory note June 6 Purchased merchandise on account at a cost of $75,000 (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase Aug. 31 Signed a contract to provide security services to a smal1 apartment complex and collected six months' fees in advance, amounting to $24,000 (Use an account called Deferred Revenue.) Dec. 31 Determined salary and wages of $40,000 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 services Required 1. For each listed transaction and related adjusting entry, indicate the effects (accounts, and amounts on the accounting equation, using the following format: (Enter any decreases to accounts with a minus sign.) Date Apr. 30 June 6 Assets Liabilities
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