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
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 Lukes repair shop on account, $420. July 6 One of Jakes mowers malfunctions. Luke provides repair services to Jake on account, $370. July 9 Luke pays $420 to Jake for lawn services provided on July 3. July 14 Luke borrows $520 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 $370 to Luke for services provided on July 6. July 27 Luke performs repair services for other customers for cash, $720. July 30 Luke pays employee salaries for the month, $220. July 31 Luke pays $520 to Jake for money borrowed on July 14. Required: Record the transactions for Jakes Lawn Maintenance Company. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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