Required information E2-12 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, 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: pald $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 paid $300,000 cash for a house for his personal use. E2-12 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 View transaction list Journal entry worksheet 2 3 4 5 Received $40,000 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 Journal entry worksheet