Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the...
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Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year a. Received $38.000 cash from the company's founders in exchange for common stock b. Purchased land for $11,500, signing a two-year note (ignore interest) c. Bought two used delivery trucks at the start of the year at a cost of $14.000 each; paid $4,500 cash and signed a note due in three years for $23.500 (ignore interest). d. Paid $1,300 cash to a truck repair shop for new motor, which increased the cost of one of the trucks. e Stockholder Jonah Lee paid $270,000 cast for a house for his personal use. 3. Show the effects of the journal entries by account, using the T-account Cash Equipment Bog, Bal. Bog Bal End. Bal. End, Bal Land Notes Payable
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