Apr. 30 Received $560,000 from Commerce Bank after signing a twelve-month, 7 percent, promissory note
June 6 Purchased merchandise on account at a cost of $71,000 (Assume a perpetual inventory system.)
July 15 Paid for the June 6 purchase
Aug. 31 Signed a contract to provide security services to a small apartment complex and collected six months’ fees in advance, amounting to $23,400 (Use an account called Deferred Revenue.)
Dec. 31 Determined salary and wages of $36,000 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 services
Note: If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.
Determined salary and wages of $36,000 were earned but not yet paid as of December 31 (ignore payroll taxes).
Note: Enter debits before credits.
Show how all of the liabilities arising from these items are reported on the balance sheet at December 31.
