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, $470. July 6 One of Jake’s mowers malfunctions. Luke provides repair services to Jake on account, $420. July 9 Luke pays $470 to Jake for lawn services provided on July 3. July 14 Luke borrows $570 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 $420 to Luke for services provided on July 6. July 27 Luke performs repair services for other customers for cash, $770. July 30 Luke pays employee salaries for the month, $270. July 31 Luke pays $570 to Jake for money borrowed on July 14.

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Journal entry worksheet 2 3 4 5 6 7 8 9 Jake provides lawn services to Luke's repair shop on account, $470. Note: Enter debits before credits. General Journal Debit Credit Date July 03 Record entry Clear entry View general journal

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.)

Answer 1

Journal

Date	Account title	Debit	Credit
July 3	Accounts receivables	470
	Service revenue		470
July 6	Repair expense	420
	Accounts payable		420
July 9	Cash	470
	Accounts receivables		470
July 14	Note receivable	570
	Cash		570
July 18	Advertising expense	110
	Cash		110
July 20	Accounts payable	420
	Cash		420
July 27	No Journal Entry Required
July 30	No Journal Entry Required
July 31	Cash	570
	Note receivable		570

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