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. Keep in mind that Jake may not need to record all transactions.

P2-5A Refer to the transactions described in P2-4A. Required: 1. Record each transaction for Luke's Repair Shop. Keep in mind that Luke may not need to record all transactions. 2. Using the format shown above, indicate the impact of each transaction on the accounting equation for each company