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Required Information

$[$The following information applles to the questions displayed below.$]$

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

a$.$ Recelved $$37,000$ cash from the company's founders in exchange for common stock.

b$.$ Purchased land for $$14,000,$ signing a two$-$year note $($Ignore Interest$).$

c$.$ Bought two used delivery trucks at the start of the year at a cost of $$9,000$ each; pald $$3,500$ cash and signed a note due in three years for $$14,500($Ignore interest$).$

d$.$ Pald $$1,800$ cash to a truck repalr shop for a new motor, which increased the cost of one of the trucks.

e$.$ Stockholder Jonah Lee pald $$320,000$ cash for a house for his personal use.

$3.$ Show the effects of the journal entrles by account, using $T-$accounts.