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Business, 16.11.2019 00:31 tiffanybrandy23

Jack hammer company completed the following transactions. the annual accounting period ends december 31. apr. 30 received $600,000 from commerce bank after signing a 12-month, 6 percent, promissory note. june 6 purchased merchandise on account at a cost of $75,000. (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 $24,000. dec. 31 determined salary and wages of $40,000 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.

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