Please do not use handwriting. Thank you.
(The following Information applies to the questions displayed below.] Laser Delivery Services, Inc. (LDS). was incorporated January 1. The following transactions occurred during the year: a. Received $40,000 cash from the company's founders in exchange for common stock. b. Purchased land for $12,000. 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 $2.000 cash and signed a note due in three years for $18,000 (Ignore Interest). d. Paid $2,000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e Stockholder Jonah Lee pald $300.000 cash for a house for his personal use. 3. Show the effects of the journal entries by account, using the T-account. Cash Equipment Beg Bal. Beg. Bal. End. Bal. End. Bal. Land Notes Payable Beg Bal. Beg Bal End Bal End. Bal. Common Stock Beg Bal End. Bal. The Towy WMLION d es lu le questus Uisuldyeu velUW. Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year: a. Recelved $40,000 cash from the company's founders in exchange for common stock. b. Purchased land for $12,000. 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 $2.000 cash and signed a note due in three years for $18.000 (Ignore Interest). d. Pald $2,000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e Stockholder Jonah Lee pald $300.000 cash for a house for his personal use. 3. Show the effects of the Journal entries by account, using the T-account. Cash Equipment Beg Bal End, Ball nouo Notes Payable Beg Bal. End. Bal. End. Bal. Common Stock Bea Bal Required information (The following information applies to the questions displayed below.] Laser Delivery Services, Inc. (LDS), was Incorporated January 1. The following transactions occurred during the year: a. Received $40,000 cash from the company's founders in exchange for common stock. b. Purchased land for $12,000. 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 $2.000 cash and signed a note due in three years for $18.000 (Ignore Interest). d. Pald $2,000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e Stockholder Jonah Lee pald $300.000 cash for a house for his personal use. 4. Prepare a classified balance sheet for LDS at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. LASER DELIVERY SERVICES, INC. Balance Sheet $ OP Required information (The following information applies to the questions displayed below.] Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $40,000 cash from the company's founders in exchange for common stock. b. Purchased land for $12,000. 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 $2.000 cash and signed a note due in three years for $18.000 (Ignore Interest). d. Paid $2.000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e Stockholder Jonah Lee pald $300.000 cash for a house for his personal use. 5. Using the balance sheet, Indicate whether LDS's assets at the end of the year were financed primarily by liabilities or stockholders equity. Liabilities Stockholders' Equity
