Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year:

Received $50,000 cash from the company's founders in exchange for common stock.

Purchased land for $17,000, signing a two-year note (ignore interest).

Bought two used delivery trucks at the start of the year at a cost of $15,000 each; paid $2,500 cash and signed a note due in three years for $27,500 (ignore interest).

Paid $2,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.

Stockholder Jonah Lee paid $380,000 cash for a house for his personal use.

Record the effects of each item using a journal entry.

Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year a. Received $50,000 cash from the company's founders in exchange for common stock b. Purchased land for $17.000, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $15,000 each; paid $2,500 cash and signed a note due in three years for $27,500 (ignore interest) d. Paid $2,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $380,000 cash for a house for his personal use. 2. Record the effects of each item using a journal entry. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet > 1 2 3 4. 5 Received $50,000 cash from the company's founders in exchange for common stock. Record the transaction. Note: Enter debits before credits. Debit Credit Transaction General Journal a View general journal Record entry Clear entry S 1 2 3 4 5 Purchased land for $17,000, signing a two-year note (ignore interest). Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Transaction b Record entry Clear entry View general Journal