Please answer in proper format with all working clearlyNote : Every entry should have narration please Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during theyear: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 notedue 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 commonstock. Record the transaction.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditaPurchased land for $17,500, signing a two-year note (ignore interest). Recordthe transaction.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditb Bought two used delivery trucks at the start of the year at a cost of $10,000each; 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.TransactionGeneral JournalDebitCreditCPaid $1,500 cash to a truck repair shop for a new motor, which increased thecost of one of the trucks. Record the transaction.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditdStockholder Jonah Lee paid $390,000 cash for a house for his personal use.Record the transaction.Note: Enter debits before credits.General JournalTransactionDebitCredit

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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