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 $$11,500,$ signing a two$-$year note $($ignore interest$).$

c$.$ Bought two used delivery trucks at the start of the year at a cost of $$14,000$ each; paid $$4,500$ cash and signed a note

due in three years for $$23,500($ignore interest$).$

d$.$ Paid $$1,300$ cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.

e$.$ Stockholder Ruby Lee paid $$270,000$ 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 $$38,000$ cash from the company's founders in exchange for common

stock. Record the transaction.

Note: Enter debits before credits.