Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the...
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Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year:
Received $40,000 cash from the company's founders in exchange for common stock.
Purchased land for $15,500, signing a two-year note (ignore interest).
Bought two used delivery trucks at the start of the year at a cost of $12,000 each; paid $5,000 cash and signed a note due in three years for $19,000 (ignore interest).
Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
Stockholder Jonah Lee paid $350,000 cash for a house for his personal use.
Record the effects of each item in Journal Entry (A,B,C,D,E)
\begin{tabular}{|c|c|c|c|} \hline Transaction & General Journal & Debit & Credit \\ \hline b & & & \end{tabular} \begin{tabular}{c|c|c|c|} Transaction & General Journal & Debit & Credit \\ \hline c & & & \end{tabular}
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