PB11-1 Journalizing Transactions, Evaluating Current Ratio Effects, and Reporting Liabilities Tiger Company completed the following transactions during 2009. The annual accounting period ends December 31, 2009. Jan. 3 Purchased merchandise on account at a cost of $24,000. (Assume a perpetual inventory system.) 27 Paid for the January 3 purchase. Apr. 1 Received $80,000 from Atlantic Bank after signing a 12-month, 5 percent interestbearing note payable. Aug. 1 Rented out a small office in a building owned by Tiger Company and collected eight months’ rent in advance amounting to $8,000. (Use the account Unearned Rent Revenue.) Required: 1. Prepare journal entries for each of the transactions and for adjustments required at year-end. 2. For each transaction, state whether the current ratio is increased, decreased, or remains the same. (Assume Tiger Company’s current assets have always been higher than its current liabilities.) 3. Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31, 2009.