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Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year:

1. Received $40,000 cash from the company's foundersin exchange for common stock.
2. Purchased land for $12,000, signing a two-year note (ignore interest).
3. 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).
4. Paid $2,000 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
5. Stockholder Jonah Lee paid $300,000 cash for a house for his personal use.

Show the effects of the journal entries by account, using the T-account.

CH 02 Homework i Saved Help Save & Exit Submit Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year: 5 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 Part 3 of 3 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 paid $300,000 cash for a house for his personal use. 2.5 points 3. Show the effects of the journal entries by account, using the T-account. Book Cash Beg. Bal. Beg. Bal. Ask Print End. Bal. End. Bal. Land Notes Payable References Beg. Bal. Beg. Bal. End. Bal End. Bal. Common Stock Beg. Bal. End. Bal. Mc Graw