Required information [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 $35,000 cash from the company's founders in exchange for common stock. b. Purchased land for $13,000, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $7,000 each; paid $2,500 cash and signed a note due in three years for $11,500 (ignore interest). d. Paid $1,600 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. 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 2 3 4 5 Received $35,000 cash from the company's founders in exchange for common stock. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit a > 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 2 3 4 5 Received $35,000 cash from the company's founders in exchange for common stock. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal exchange for commTION SLOVNE MOMOTA MITO MOTOVLIVET 2 Purchased land for $13,000, signing a two-year note (ignore interest). Record the transaction. 3 Bought two used delivery trucks at the start of the year at a cost of $7,000 each; paid $2,500 cash and signed a note due in three years for $11,500 (ignore interest). Record the transaction. 4 Paid $1,600 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. Record the transaction. 5 Stockholder Jonah Lee paid $300,000 cash for a house for his personal use. Record the transaction. Note: journal entry has been entered Record Credit Record entry Clear entry View general journal