Jake owns a lawn maintenance company, and Luke owns a machine repair shop. For t

Question

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 Required: Record the transactions for Jake's Lawn Maintenance Company. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 4 6 8 Record the service revenue on account. Note: Enter debits before credits Date General Journal Debit Credit July 03 500 Record entry Clear entry View general journal

Explanation / Answer

Journal entry :

Date General journal Debit credit July 3 Account receivable 500 Service revenue 500 (To record service) July 6 Repairs expense 450 Account payable 450 (To record repairs expense) July 9 Cash 500 Account receivable 500 (To record amount received) July 14 Notes receivable 600 Cash 600 (To record amount given) July 18 Advertisement expense 110 Cash 110 (To record advertising) July 20 Account payable 450 Cash 450 (To record amount paid) July 27 No entry July 30 No entry July 31 Cash 600 Notes receivable 600 (To record amount received)

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