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Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $690,000 from Commerce Bank after signing a 12-month, 6 percent, promissory note. June 6 Purchased merchandise on account at a cost of $81,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. August 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 $27,600. December 31 Determined salary and wages of $46,000 were earned but not yet paid as of December 31 (ignore payroll taxes). December 31 Adjusted the accounts at year-end, relating to interest. December 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 Req 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 < 1 2 3 4 5 6 7 Record the borrowing of $690,000. Note: Enter debits before credits. Date April 30 General Journal Debit Credit Prev 3 of 6 Next

Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $690,000 from Commerce Bank after signing a 12-month, 6 percent, promissory note. June 6 Purchased merchandise on account at a cost of $81,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. August 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 $27,600. December 31 Determined salary and wages of $46,000 were earned but not yet paid as of December 31 (ignore payroll taxes). December 31 Adjusted the accounts at year-end, relating to interest. December 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 Req 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 < 1 2 3 4 5 6 7 Record the borrowing of $690,000. Note: Enter debits before credits. Date April 30 General Journal Debit Credit Prev 3 of 6 Next

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $690,000 from Commerce Bank after signing a 12-month, 6 percent, promissory note. June 6 Purchased merchandise on account at a cost of $81,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. August 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 $27,600. December 31 Determined salary and wages of $46,000 were earned but not yet paid as of December 31 (ignore payroll taxes). December 31 Adjusted the accounts at year-end, relating to interest. December 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 Req 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 < 1 2 3 4 5 6 7 Record the borrowing of $690,000. Note: Enter debits before credits. Date April 30 General Journal Debit Credit Prev 3 of 6 Next
Transcribed Image Text:Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $690,000 from Commerce Bank after signing a 12-month, 6 percent, promissory note. June 6 Purchased merchandise on account at a cost of $81,000. (Assume a perpetual inventory system.) July 15 Paid for the June 6 purchase. August 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 $27,600. December 31 Determined salary and wages of $46,000 were earned but not yet paid as of December 31 (ignore payroll taxes). December 31 Adjusted the accounts at year-end, relating to interest. December 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 Req 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 < 1 2 3 4 5 6 7 Record the borrowing of $690,000. Note: Enter debits before credits. Date April 30 General Journal Debit Credit Prev 3 of 6 Next
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