Required information [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 July 6 July 9 July 14 July 18 July 20 July 27 July 30 July 31 July 03 July 06 July 09 July 09 July 14 July 14 July 18 July 20 July 20 Jake provides lawn services to Luke's repair shop on account, $500. One of Jake's mowers malfunctions. Luke provides repair services to Jake on account, $450. Luke pays $500 to Jake for lawn services provided on July 3. 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.) Luke borrows $600 from Jake by signing a note. Jake purchases advertising in a local newspaper for the remainder of July and pays cash, $110. Jake pays $450 to Luke for services provided on July 6. Luke performs repair services for other customers for cash, $800. $ Luke pays employee salaries for the month, $300. Luke pays $600 to Jake for money borrowed on July 14. JAKE'S LAWN MAINTENANCE COMPANY Assets = Liabilities + 500 = 0 + 450 + + + = = = = = = = = $ $ + + +++ Stockholders' Equity $ Assets 500 $ $ $ 0 = 450 (500) = = = = = = = LUKE'S REPAIR SHOP Liabilities + 500 + S $ + + + + + + + + Stockholders' Equity $ $ (500) 500

Required information [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, $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 advertiaing 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 servicen for other eustomers for cash, $800. July 30 Luke pays enployee salaries for the month, $300. July 31 Luke pays $600 to Jake for money borrowed on July 14. 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.)