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Karen owns a lawn maintenance company, and Janine owns a machine repair shop. For the month of July, the following transactions occurred: July 3
Karen owns a lawn maintenance company, and Janine owns a machine repair shop. For the month of July, the following transactions occurred: July 3 Karen provides lawn services to Janine's repair shop on account, $350. July 6 One of Karen's mowers malfunctions. Janine provides repair services to Karen on account, $300. July 9 Janine pays $350 to Karen for lawn services provided on July 3. July 14 Janine borrows $450 from Karen by signing a note. July 18 Karen purchases advertising in a local newspaper for the remainder of July and pays cash, $100. July 20 Karen pays $300 to Janine for services provided on July 6. July 27 Janine performs repair services for other customers for cash, $650. July 30 Janine pays employee salaries for the month, $150. July 31 Janine pays $450 to Karen for money borrowed on July 14. Required: Record the transactions for Karen's Lawn Maintenance Company. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Answer is complete but not entirely correct. No 1 Date July 03 General Journal Debit Credit Service Fee Expense 350 Accounts Payable 350 2 July 06 Accounts Receivable Sales Revenue 300 300
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