Q number P25A Only P24A Jake owns a lawn maintenance company

P2-4A Jake owns a lawn maintenance company, and Luke owns a machine repair shop. the month of July, the following transactions occurred. July 3 Jake provides lawn services to Luke\'s repair shop on account, s500 July 6 One of Jake\'s mowers malfunctions. Luke provides repair services to Jake on account, $450.

Solution

Answer for 1.

Journal Entry in the books of Luke\'s Repair Shop for the month of July

Answer for 2.

Answer for 1. Journal Entry in the books of Luke\'s Repair Shop for the month of July
Date	Particulars	Dr Amt. $	Cr Amt,. $
03-Jul	Lawn Service Expense A/C	500
	To, Jake\'s Lawn Maintainance Company		500
	(Being Lawn maintainance services received from Jack)
06-Jul	Jake\'s Lawn Maintainance Company	450
	To, Repair service Sale		450
	(Being Repair service provided to Jake)
09-Jul	Jake\'s Lawn Maintainance Company	500
	To, Cash/Bank		500
	(Being Amount paid against services received on 3rd July)
14-Jul	Cash/Bank	600
	To, Jake\'s Notes Payable		600
	(Being amount borrowed from Jake by signing note)
18-Jul	No Entry (As transaction is of Jake)
20-Jul	Cash/Bank	450
	Jake\'s Lawn Maintainance Company		450
	(Being amount received against the repair services provided as on 6th July)
27-Jul	Cash/Bank	800
	To, Repair service Sale		800
	(Being Repair service provided to customer in cash)
30-Jul	Salary Expense	300
	To, Cash/Bank		300
	(Being salary paid to employees in cash)
31-Jul	Jake\'s Notes Payable	600
	To, Cash/Bank		600
	(Being the loan taken aghainst notes repaid in cash)