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View transaction list 1 Record the borrowing of $555,000. 2 Record the purchase of inventory worth $72,000 on account. Record the payment for inventory in full. Record the collection of six month's security service fees in advance amounting to $22,200.

View transaction list 1 Record the borrowing of $555,000. 2 Record the purchase of inventory worth $72,000 on account. Record the payment for inventory in full. Record the collection of six month's security service fees in advance amounting to $22,200.

Quickbooks Online Accounting
Quickbooks Online Accounting
3rd Edition
ISBN:9780357391693
Author:Owen
Publisher:Owen
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 3.4C
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Pls record journal entry 1-4
View transaction list 1 Record the borrowing of $555,000. Record the purchase of inventory worth $72,000 on account. Record the payment for inventory in full. Record the collection of six month's security service fees in advance amounting to $22,200.
Transcribed Image Text:View transaction list 1 Record the borrowing of $555,000. Record the purchase of inventory worth $72,000 on account. Record the payment for inventory in full. Record the collection of six month's security service fees in advance amounting to $22,200.
X Welcome - MAT1 X omework Question 2 - Cha X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducati... A Chapter 10 Home X 11 Submissions - M X Saved Req 1 and 2 Req 3 Inside The Twiste X Complete this question by entering your answers in the tabs below. New tab Help PA10-2 (Algo) Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-to- Assets Ratio [LO 10-2, LO 10-5] Save & Exit Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $555,000 from Commerce Bank after signing a 12-month, 7 percent, promissory note. June 6 Purchased merchandise on account at a cost of $72,000. (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 $22,200. December 31 Determined salary and wages of $37,000 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. Check r
Transcribed Image Text:X Welcome - MAT1 X omework Question 2 - Cha X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducati... A Chapter 10 Home X 11 Submissions - M X Saved Req 1 and 2 Req 3 Inside The Twiste X Complete this question by entering your answers in the tabs below. New tab Help PA10-2 (Algo) Recording and Reporting Current Liabilities with Evaluation of Effects on the Debt-to- Assets Ratio [LO 10-2, LO 10-5] Save & Exit Jack Hammer Company completed the following transactions. The annual accounting period ends December 31. April 30 Received $555,000 from Commerce Bank after signing a 12-month, 7 percent, promissory note. June 6 Purchased merchandise on account at a cost of $72,000. (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 $22,200. December 31 Determined salary and wages of $37,000 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. Check r
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