PA10-1 Determining Financial Effects of Transactions Affecting Current Liabilities with Evaluation of Effects on the Quick Ratio [LO2, LO5] Jack Hammer Company completed the fallawing transactions during 2014. The annual accounting period ends December 31, 2014 Received S550,000 from Cammerce Bank after signing a 12-month, 6 percent, promissory Apr. 30 note June 6 July 15 Paid for the June 6 purchase Purchased merchandise on account at a cost of $75,000. (Assume a perpetual inventory system.) Aug. 31 Signed a contract to provide security services to a small apartment complex and collected six months'fees in advance, amounting to $12,000. (Use an account called Uneamed Service Revenue.) Determined salary and wages of $40,000 were eamed but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 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 accounts, amounts, and effects on the accounting equation, using the following format: Shareholders' Equi Date April 30, 2014 June 6, 2014 July 15, 2014 Aug. 31, 2014 Dec. 31, 2014 Dec. 31, 2014 Dec. 31, 2014 Assets Liabilities 2. For each item, state whether the quick ratio is increased, decreased, or there is no change. (Assume Jack Hammer's quick ratio is greater than 1.0.) Transaction April 30 June 6 July 15 August 31 Effect