The following information applies to the questions displayed below.] Linda owns a lawn maintenance company,...
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Accounting
The following information applies to the questions displayed below.] Linda owns a lawn maintenance company, and Susan owns a machine repair shop. For the month of July, the following transactions occurred.
July 3
Linda provides lawn services to Susan's repair shop on account, $370.
July 6
One of Linda's mowers malfunctions. Susan provides repair services to Linda on account, $320.
July 9
Susan pays $370 to Linda for lawn services provided on July 3.
July 14
Susan borrows $470 from Linda by signing a note.
July 18
Linda purchases advertising in a local newspaper for the remainder of July and pays cash, $110.
July 20
Linda pays $320 to Susan for services provided on July 6.
July 27
Susan performs repair services for other customers for cash, $670.
July 30
Susan pays employee salaries for the month, $170.
July 31
Susan pays $470 to Linda for money borrowed on July 14.
Required:
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.)
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