Business, 20.09.2020 15:01 annafellows

The following transactions occurred during the year: a. Received $36,000 cash from the company's founders in exchange for common stock.
b. Purchased land for $10,500, signing a two-year note (ignore interest).
c. Bought two used delivery trucks at the start of the year at a cost of $12,000 each; paid $3,500 cash and signed a note due in three years for $20,500 (ignore interest).
d. Paid $1,100 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
e. Stockholder Jonah Lee paid $250,000 cash for a house for his personal use.

Required:
a. Show the effects of the Journal entries by account, using the T-account.
b. Prepare a classified balance sheet for Laser Delivery Services, Inc., at the end of December.

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The following transactions occurred during the year: a. Received $36,000 cash from the company's fo...

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