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 ransactions occurred. July 3 Jake provides lawn services to Luke's repair shop on account, $470. July 6 One of Jake's mowers malfunctions. Luke provides repair services to Jake on account, $420. July 9 Luke pays $470 to Jake for lawn services provided on July 3. July 14 Luke borrows $570 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 $420 to Luke for services provided on July 6. July 27 Luke performs repair services for other customers for cash, $770. July 30 Luke pays employee salaries for the month, $270. July 31 Luke pays $570 to Jake for money borrowed on July 14.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please explain the correct answers.   

1
2
3
4
5
6
7
8
9
July 03
July 06
July 09
July 14
July 18
July 20
July 27
July 30
July 31
Accounts Receivable
Service Revenue
Repairs and Maintenance Expense
Accounts Payable
Service Revenue
Accounts Receivable
Notes Receivable
Cash
Advertising Expense
Cash
Accounts Payable
Cash
No Journal Entry Required
No Journal Entry Required
Cash
Notes Payable
X
X
XX
X
X
x
X
XX
XX
x
X
X
X
470
420
470✔
570
>
420
S
110 x
570✔✓
470
420
470
570✔
110
420
570✔
Transcribed Image Text:1 2 3 4 5 6 7 8 9 July 03 July 06 July 09 July 14 July 18 July 20 July 27 July 30 July 31 Accounts Receivable Service Revenue Repairs and Maintenance Expense Accounts Payable Service Revenue Accounts Receivable Notes Receivable Cash Advertising Expense Cash Accounts Payable Cash No Journal Entry Required No Journal Entry Required Cash Notes Payable X X XX X X x X XX XX x X X X 470 420 470✔ 570 > 420 S 110 x 570✔✓ 470 420 470 570✔ 110 420 570✔
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, $470.
July 6 One of Jake's mowers malfunctions. Luke provides repair services to Jake on account, $420.
July 9 Luke pays $470 to Jake for lawn services provided on July 3.
July 14 Luke borrows $570 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 $420 to Luke for services provided on July 6.
July 27 Luke performs repair services for other customers for cash, $770.
July 30 Luke pays employee salaries for the month, $270.
July 31 Luke pays $570 to Jake for money borrowed on July 14.
Transcribed Image Text: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, $470. July 6 One of Jake's mowers malfunctions. Luke provides repair services to Jake on account, $420. July 9 Luke pays $470 to Jake for lawn services provided on July 3. July 14 Luke borrows $570 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 $420 to Luke for services provided on July 6. July 27 Luke performs repair services for other customers for cash, $770. July 30 Luke pays employee salaries for the month, $270. July 31 Luke pays $570 to Jake for money borrowed on July 14.
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