Required information Problem 2-5A Analyze the impact of transactions on the accounting equation and record transactions (LO2-2, 2-4) [The following information applies to the questions displayed below.] 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 lewn services to Luke's repair shop on account, $500. July 6 One of Jake's movers 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. Problem 2-5A Part 2 2. Using the format shown below, enter the impact of each transaction on the accounting equation for each company (Decreases to account classifications should be entered as a negative.) Check of 2 Required information 2. Using the format shown below, enter the impact of each transaction on the accounting equation for each company. (Decreases to account classifications should be entered as a negative.) JAKE'S LAWN MAINTENANCE COMPANY LUKE'S REPAIR SHOP Assets Liabilities Stockholders' Equity Assets July 03 $ 500 $ 0 $ 500 $ 0 $ 500 Liabilities Stockholders' Equity (500) $ 06 09 14 18 nces 20 27 30 31