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 $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.
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 fleld.)
View transaction list
Journal entry worksheet
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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
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