E2-12 Analyzing the Effects of Transactions Using T-Accounts; Preparing and Interpreting a Balance Sheet [LO 2-2, LO 2-3, LO 2-4]

[The following information applies to the questions displayed below.]

Laser Delivery Services, Inc., (LDS) was incorporated in 2013. The following transactions occurred during the year:

a.	Received $51,000 cash from organizers in exchange for stock in the new company.
b.	Purchased land for $17,500, 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 $3,000 cash and signed a note due in three years for $17,000 (ignore interest).
d.	Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
e.	Stockholder Jonah Lee paid $390,000 cash for a house for his personal use.