PA10-2 Recording and Reporting Current Liabilities with Evaluation of Effects on the Quick Ratio [LO2] Jack Hammer Company completed the following transactions during 2014 The annual accounting period ends December 31, 2014 Received $550,000 from Commerce Bank after signing a 12-month, 6 percent, promissory note Apr. 30 June Purchased merchandise on account at a cost of $75,000. (Assume a perpetual inventory system.) Paid for the June 6 purchase. 6 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 earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Dec. Adjusted the accounts at year-end, relating to interest. 31 Adjusted the accounts at year-end, relating to security services. Required 1. Prepare journal entries for each of the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Received $550,000 from Commerce Bank after signing a 12-month, 6 percent, promissory note Note: Enter debits before credits Date General Journal Apr 30 2014 Record entry View general journal 2. Prepare all adjusting entries required on December 31, 2014. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Determined salary and wages of $40,000 were earned but not yet paid as of December 31 (ignore payroll taxes) Note: Enter debits before credits Date Dec 31 2014 General Journal