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Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $51,000 cash from the company's founders in exchange for common stock. b. Purchased land for $17,500, 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 $3,000 cash and signed a note due in three years for $17,000 (ignore interest). d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $390,000 cash for a house for his personal use.

Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $51,000 cash from the company's founders in exchange for common stock. b. Purchased land for $17,500, 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 $3,000 cash and signed a note due in three years for $17,000 (ignore interest). d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $390,000 cash for a house for his personal use.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Note : Every entry should have narration please

Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $51,000 cash from the company's founders in exchange for common stock. b. Purchased land for $17,500, 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 $3,000 cash and signed a note due in three years for $17,000 (ignore interest). d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $390,000 cash for a house for his personal use. Received $51,000 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 Purchased land for $17,500, signing a two-year note (ignore interest). Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit b
Transcribed Image Text:Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $51,000 cash from the company's founders in exchange for common stock. b. Purchased land for $17,500, 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 $3,000 cash and signed a note due in three years for $17,000 (ignore interest). d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $390,000 cash for a house for his personal use. Received $51,000 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 Purchased land for $17,500, signing a two-year note (ignore interest). Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit b
Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $3,000 cash and signed a note due in three years for $17,000 (ignore interest). Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit C Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit d Stockholder Jonah Lee paid $390,000 cash for a house for his personal use. Record the transaction. Note: Enter debits before credits. General Journal Transaction Debit Credit
Transcribed Image Text:Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $3,000 cash and signed a note due in three years for $17,000 (ignore interest). Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit C Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit d Stockholder Jonah Lee paid $390,000 cash for a house for his personal use. Record the transaction. Note: Enter debits before credits. General Journal Transaction Debit Credit
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