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 lawn services to Luke's repair shop on account, $360. July 6 One of Jake's mowers malfunctions. Luke provides repair services to Jake on account, $310. July 9 Luke pays $360 to Jake for lawn services provided on July 3. July 14 Luke borrows $460 from Jake by signing a note. e Jake purchases advertising in a local newspaper for the remainder of July and pays cash, $120. July 20 Jake pays $310 to Luke for services provided on July 6. July 27 Luke performs repair services for other customers for cash, $660. July 30 Luke pays employee salaries for the month, $160. July 31 Luke pays $460 to Jake for money borrowed on July 14. July 18 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 Assets - Liabilities - Stockholders' Equity $ 360 $ 0 $ 360 Assets $ 0 LUKE'S REPAIR SHOP Liabilities - Stockholders' Equity S 360 $ (360) July 03 06 Prev 5 of 11 !!! Next >