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, $300 July 6 One of Jake's mowers malfunctions Luke provides repair services to Jake on account, $250 July 9 Luke pays $300 to Jake for lawn services provided on July 3 July 14 Luke borrows $400 from Jake by signing a note July 18 Jake purchases advertising in a local newspaper for the remainder of July and pays cash, $120 July 20 Jake pays $250 to Luke for services provided on July 6 July 27 Luke performs repair services for other customers for cash, $600 July 30 Luke pays employee salaries for the month, $100 July 31 Luke pays $400 to Jake for money borrowed on July 14 value 15.00 points Required information Required 1. Record each transaction for Luke's Repair Shop. (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 Record the service revenue on account. Note: Fnter dehits hefnre credits

Explanation / Answer

Journal Entry Books of Luke Date Particulars Dr. Amt. Cr. Amt. 3-Jul Lawn Maintenance Expenses      300.00 Accounts Payable      300.00 (record the services provided by jake) 6-Jul Accounts Receivable      250.00 Service Revenue      250.00 (Record the servivce provided to Juke) 9-Jul Accounts Payable      300.00 Cash      300.00 (Record the cash paid to Juke) 14-Jul Cash      400.00 Notes Payable      400.00 (Record the loan taken from Jake) 20-Jul Cash      250.00 Accounts Receivable      250.00 (record the cash received from Jake) 27-Jul Cash      600.00 Service Revenue      600.00 (Record the servivce provided to Customers) 30-Jul Salaries Expenses      100.00 Cash      100.00 (Record the salaries paid) 31-Jul Notes Payable      400.00 Cash      400.00 (record the note paid)

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