Business, 20.02.2020 01:31 itislyz

Jake owns a lawn maintenance company, and Luke owns a machine repair shop. For the month of July, the following transactions occurred:

July 3 Jake provides lawn services to Luke's repair shop on account, $500.

July 6 One of Jake's mowers malfunctions. Luke provides repair services to Jake on account, $450.

July 9 Luke pays $500 to Jake for lawn services provided on July 3.

July 14 Luke borrows $600 from Jake by signing a note.

July 18 Jake purchases advertising in a local newspaper for the remainder of July and pays cash, $110.

July 20 Jake pays $450 to Luke for services provided on July 6.

July 27 Luke performs repair services for other customers for cash, $800.

July 30 Luke pays employee salaries for the month, $300.

July 31 Luke pays $600 to Jake for money borrowed on July 14.

Using the format shown below, enter the impact of each transaction on the accounting equation for each company.

Jake's Lawn Maintenance Company Luke's Repair Shop
Assets = Liabilities + Stockholders' Equity Assets = Liabilities + Stockholders' Equity
July 03 $500 $0 $500 $0 $500 ($500)
06
09
14
18
20
27
30
31

Answers: 2

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Jake owns a lawn maintenance company, and Luke owns a machine repair shop. For the month of July, th...

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