Business, 22.09.2020 14:01 kelly3215

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.

Answers: 3

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Answers

Answer from: shealene7

Please see answers in explanation column

Explanation:

Journal to record transactions for Jake’s Lawn Maintenance Company

a) To provide services on account

Date Account title Debit Credit

July 3 Accounts receivable $500.

Sales Revenue $500.

b) For receiving maintenance on account

July 6 Repairs and maintenance expense $450

Accounts payable $450

c)For receiving cash on account

July 9 Cash $500

Accounts receivable $500

d) For accepting note receivable for loan cash

July 14 Notes receivable $600

Cash $600

e)For payment of advertisement for the current month

July 18 Advertising expense $110.

Cash $110.

f) For payment of cash on account

July 20 Accounts Payable $450

Cash $450

g) July 27

No entry for Jake as info concerns Luke

July 30

h) No entry Jake as info concerns Luke

I) For receipt of cash on notes receivable

July 31 Cash $600

Notes Receivables $600

Answer from: Quest

answers

a: apartment building

b: bank

d: office.

hope it

Answer from: Quest

a) both were commissioned explorers

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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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