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PA10-2 (Algo) Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-toAssets Ratio [LO 10-2, LO 10-5] Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 36 Received $525, from Commerce Bank after signing a 12 -month, 6 percent, promissory note. June 6 Purchased merchandise on account at a cost of $7,. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. months 3 fees in advance, amounting to $21,. December 31 Adjusted the accounts at year-end, relating to interest. December 31 Adjusted the accounts at year-end, relating to security service. Requlred: 1. \& 2. Prepare journal entrles for each of the transactions through August 31 and adjusting entrles required on December 31. 3. Show how all of the llabilitles arlsing from these Items are reported on the balance sheet at December 31. Complete this question by entering your answers in the tabs below. Prepare journal entries for each of the transactions through August 31 and adjusting entries required on December 31 . (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits betore credits. Complete this question by entering your answers in the tabs below. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31 . (Do not round intermediate calculations.)