Required Information E2-12 (Algo) 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, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $37,000 cash from the company's founders in exchange for common stock. b. Purchased land for $11,000, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $13,000 each; paid $4,000 cash and signed a note due in three years for $22,000 (ignore interest). d. Paid $1,200 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $260,000 cash for a house for his personal use. E2-12 (Algo) Part 2 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.) View transaction list Journal entry worksheet 1 2345 Received $37,000 cash from the company's founders in exchange for common stock. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal