PA$10-1($Algo$)$ Determining Financial Effects of Transactions Affecting Current Liabilities with Evaluation

of Effects on the Debt$-$to$-$Assets Ratio $[$LO $10-2,$ LO $10-5]$

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

Required:

For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation.

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