ACCT$-203-903$

Question $16-$ Chapter $2-$ Hom

ter $2-$ Homework

$6$

$(1)$

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 $$38,000$ cash from the company's founders in exchange for common stock.

b$.$ Purchased land for $$14,500,$ signing a two$-$year note $($ignore interest$).$

c$.$ Bought two used delivery trucks at the start of the year at a cost of $$10,000$ each; paid $$4,000$ cash and signed a note due in three years for $$16,000($ignore interest$).$

d$.$ Paid $$1,900$ cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.

e$.$ Stockholder Ruby Lee paid $$330,000$ cash for a house for personal use.

Required:

$3.$ Show the effects of the journal entries by account, using T$-$accounts.

$\backslash$table$[[$Equipment$,],[$Debit$,$Credit$],[$Beginning Balance,,,$],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$