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 following transactions during 2014. The annual accounting period ends December 31, 2014. Apr. 30 June 6 Received $566,400 from Commerce Bank after signing a 12-month, 7 percent, promissory note. Purchased merchandise on account at a cost of $81,500. (Assume a perpetual inventory system.) Paid for the June 6 purchase. Signed a contract to provide security services to a small apartment complex and collected six months' fees in advance, amounting to $15,900. (Use an account called Unearned Service Revenue.) July 15 Aug. 31 Dec. 31 Determined salary and wages of $46,500 were eamed but not yet paid as of December 31 Dec. 31 Dec. 31 (ignore payroll taxes). Adjusted the accounts at year-end, relating to interest. Adjusted the accounts at year-end, relating to security services