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need help with assignment Jack Hammer Company completed the following transactions. The annual accounting perlod ends December 31. Apr. 30 Received $565,290 from Commerce Bank
need help with assignment
Jack Hammer Company completed the following transactions. The annual accounting perlod ends December 31. Apr. 30 Received $565,290 from Commerce Bank after signing a twelve-nonth, 6 percent, pronissory note June 6 Purchased nerchandise on account at a cost of $81,080 (Assume a perpetual inventory systen.) July 15 Paid for the June 6 purchase Aug. 31 Signed a contract to provide security services to a sna1l apartment conplex and collected six nonths' fees in advance, anounting to $27,60 (Use an account called Deferred Revenue.) Dec. 31 Determined salary and wages of $46,000 were earned but not yet paid as of Decenber 31 (ignore payrol1 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 slgn.) 2. For each item, state whether the debt-to-assets ratio is increased or decreased or there is no change. (Assume Jack Hammer's debt-to-assets ratio is less than 1.0.)Step by Step Solution
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