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Laser Delivery Services, Incorporated ( LDS ) , was incorporated January 1 . The following transactions occurred during the year: a . Received $ 3
Laser Delivery Services, Incorporated LDS was incorporated January The following transactions occurred during the
year:
a Received $ cash from the company's founders in exchange for common stock.
b Purchased land for $ signing a twoyear note ignore interest
c Bought two used delivery trucks at the start of the year at a cost of $ each; paid $ cash and signed a note
due in three years for $ignore interest
d Paid $ cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
e Stockholder Ruby Lee paid $ cash for a house for personal use.
Required:
Record the effects of each item using a journal entry.
Note: If no entry is required for a transaction or event, select No Journal Entry Required" in the first account field.
Journal entry worksheet
Received $ cash from the company's founders in exchange for common
stock. Record the transaction.
Note: Enter debits before credits.
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