Question

Jake owns a lawn maintenance company, and Luk occurred e owns a machine repair shop. For the month of July, the following transactions July 3 Jake provides 1awn services to Luke's repair shop os account, $370 July 6 One of July 9 Luke pays $370 to Jake for 1avn services provided on July July 14 Luke borrows $470 from Jake by signing a note July 18 Jake purchases advertising in a local nevspaper for the remai July 20 Jake pays $320 to Luke for services provided on July 6 Jake's movers nal functions. Luke provides repair services to Jake on aeeount· 5320. of July and pays cash, $110 uly 27 Luke performs repair services for other eustomers for cash, 8670 July 30 uke pays employee salaries for the month, $170. July 31 Luke pays $470 to Jake for money borroved on July 14. Required: Record the transactions for Jake's Lawn Maintenance Company. (If no entry is required for a t Entry Required" in the first account field.) ransaction/event, select "No Journal View transaction list Journal entry worksheet Jake provides lawn services to Luke's repair shop on account, $370 Note: Enter debits before credits Next >

Answer 1

Answer:

Journal entries to record transactions for Jake's Lawn Maintenance Company :

Date July. 20 General Journal Accounts pavable - Lukes Repair sho Debit Credit $320 6 Cash $320 (to record advertisement expense incurred Date July. 27 General Journal No Journal Entry Required Debit Credit Date July. 30 General Journal No Journal Entry Required Debit Credit Date July. 31 General Journal Debit Credit 9 Cash $470 Notes Receivable $470 (to record repayment received