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Required information [The following information applies to the questions displayed below.] Laser Delivery Services, Incorporated...

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Accounting

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Required information [The following information applies to the questions displayed below.] Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $50,000 cash from the company's founders in exchange for common stock. b. Purchased land for $17,000, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $15,000 each; paid $2,500 cash and signed a note due in three years for $27,500 (ignore interest). d. Paid $2,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $380,000 cash for a house for his personal use. Record the effects of each item using a journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 5 Received $50,000 cash from the company's founders in exchange for common stock. Record the transaction. Note: Enter debits before credits. 4. Prepare a classified balance sheet for Laser Delivery Services at December 31 , Include Retained Earnings on the balance sheet even though the account has a zero balance

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