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Please solve Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $852,000 fron Conserce Bank after aigning
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Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $852,000 fron Conserce Bank after aigning a 12-month, 7.50 percent, promi isory note. June 6 Purchased merchandise on account at a cost of $96,000. (Assume a perpetual inveatory system. ) July 15 Paid for the June 6 purehase Auquat 31 Signed a contract to provide security nervice to a small apartment complex atarting in september, and collected i1x months" fees in advance, ampunting to $34,500. December 31 Determined salary and wagen of 561,000 were earned bat not yot paid as of becerber 31 (1geore payroll taxes). takes) becember 31 adjunted the accountn at year-end, relating to interest. becenber 31 Adyusted the accounts at year-end, relating to security aervice. Required: 1. For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. 2. For each item, indicate whether the debt-to-assets ratio is increased or decreased or there is no change. (Assume Jack Hammer's debt-to-assets ratio is less than 1.0 .) For each listed transaction and related adjusting entry, indicate the accounts, amounts, and effects on the accounting equation. (Do not round intermediate calctigr Wiabinties, or stockholders equity with a minus sign. Enter vour answers in transaction order provided in the problem statement, For each item, indicate whether the debt-to-assets ratio is increased or decreased or there is no change. (Assume Jack Hammer's debt-to-assets ratio is less than 1.0.) (Enter your antwere in s...reased or there is no change. (Assume Jack Step by Step Solution
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