Transaction list:

• 1

  Record the borrowing of $645,000.

• 2

  Record the purchase of inventory worth $78,000 on account.

• 3

  Record the payment for inventory in full.

• 4

  Record the collection of six months security service fees in advance amounting to $25,800.

• 5

  Record the wages earned, but not yet paid as of December 31.

• 6

  Record the adjusting entry relating to interest.

• 7

  Record the adjusting entry relating to security service fees.

General journal entry options:

• No Journal Entry Required
• Accounts Payable
• Accounts Receivable
• Accumulated Amortization
• Accumulated DepreciationBuildings
• Accumulated DepreciationEquipment
• Accumulated DepreciationVehicles
• Accumulated Other Comprehensive Income
• Additional Paid-In Capital, Common Stock
• Additional Paid-In Capital, Preferred Stock
• Additional Paid-In Capital, Treasury Stock
• Advertising Expense
• Allowance for Doubtful Accounts
• Amortization Expense
• Bad Debt Expense
• Bonds Payable
• Buildings
• Cash
• Cash Equivalents
• Cash Overage
• Cash Shortage
• Charitable Contributions Payable
• Common Stock
• Copyrights
• Cost of Goods Sold
• Deferred Revenue
• Delivery Expense
• Depreciation Expense
• Discount on Bonds Payable
• Dividends
• Dividends Payable
• Donation Revenue
• Equipment
• FICA Payable
• Franchise Rights
• Gain on Bond Retirement
• Gain on Disposal of PPE
• Goodwill
• Impairment Loss
• Income Tax Expense
• Income Tax Payable
• Insurance Expense
• Interest Expense
• Interest Payable
• Interest Receivable
• Interest Revenue
• Inventories
• Inventory - Estimated Returns
• Land
• Legal Expense
• Licensing Rights
• Logo and Trademarks
• Loss on Bond Retirement
• Loss on Disposal of PPE
• Natural Resource Assets
• Notes Payable (long-term)
• Notes Payable (short-term)
• Notes Receivable (long-term)
• Notes Receivable (short-term)
• Office Expenses
• Other Current Assets
• Other Noncurrent Assets
• Other Noncurrent Liabilities
• Other Operating Expenses
• Other Revenue
• Patents
• Payroll Tax Expense
• Petty Cash
• Preferred Stock
• Premium on Bonds Payable
• Prepaid Advertising
• Prepaid Insurance
• Prepaid Rent
• Refund Liability
• Rent Expense
• Rent Revenue
• Repairs and Maintenance Expense
• Restricted Cash (long-term)
• Restricted Cash (short-term)
• Retained Earnings
• Salaries and Wages Expense
• Salaries and Wages Payable
• Sales Revenue
• Sales Tax Payable
• Service Revenue
• Short-term Investments
• Software
• Subscription Revenue
• Supplies
• Supplies Expense
• Travel Expense
• Treasury Stock
• Unemployment Tax Payable
• Utilities Expense
• Vehicles
• Withheld Income Taxes Payable

Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. Apr. 30 Received $645,880 from Commerce Bank after signing a 12-month, 6 percent, promissory note June 6 Purchased merchandise on account at a cost of $78,. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase Aug. 31 Signed a contract to provide security service to a small apartment complex starting in September, and collected six months' fees in advance amounting to $25,800 Dec. 31 Determined salary and wages of $43,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service Required 1. & 2. Prepare journal entries for each of the transactions through August 31 and adjusting entries required on December 31. 3. Show how all of the liabilities arising from these items are reported on the balance sheet at December 31 Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 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.) View transaction list Journal entry worksheet 4 6 7 Record the borrowing of $645,000 Note: Enter debits before credits Date General Journal Debit Credit Apr 30 Record entry Clear entry View general journal Req 3 Req 1 and 2 KPre Req 1 and 2Req 3 Show how all of the liabilities arising from these items are reported on the balance sheet at December 31. (Do not round intermediate calculations.) JACK HAMMER COMPANY Balance Sheet (partial) At December 31 Req 3