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.

Reynolds corp. factors $400,000 of accounts receivable with mateer finance corporation on a without recourse basis on july 1, 2015. the receivables records are transferred to mateer finance, which will receive the collections. mateer finance assesses a finance charge of 1 ½ percent of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. the transaction is to be recorded as a sale.required: a. prepare the journal entry on july 1, 2015, for reynolds corp. to record the sale of receivables without recourse.b. prepare the journal entry on july 1, 2015, for mateer finance corporation to record the purchase of receivables without recourse— think through this.c. explain the difference between sale of receivables with recourse as oppose to without recourse.