Required information

E$2-12($Algo$)$ Analyzing the Effects of Transactions Using T$-$Accounts; Preparing and Interpreting a

Balance Sheet $[$LO $2-2,$ LO $2-3,$ LO $2-4]$

$[$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 $$39,000$ 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 $$15,000$ each; paid $$5,000$ cash and signed a note

due in three years for $$25,000($ignore interest$).$

d$.$ Paid $$1,400$ cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.

e$.$ Stockholder Jonah Lee paid $$280,000$ cash for a house for his personal use.

$12($Algo$)$ Part $4$

epare a classified balance sheet for Laser Delivery Services at December $31.$ Include Retained Earnings on the balance sheet

jen though the account has a zero balance.

LASER DELIVERY SERVICES, INCORPORATED

Balance Sheet

At December $31$

o$)$ Part $4$

classified balance sheet for Laser Delivery Services at December $31.$ Include Retained Earnings on the bala

gh the account has a zero balance.

LASER DELIVERY SERVICES, INCORPORATED