Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of

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Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred: a. Collected $36 cash per share from four indviduals and issued 4,600 shares of common stock to each. b. Issued 5,600 shares of common stock to an outside investor at $36 cash per share. c. Issued 7,600 shares of preferred stock at $24 cash per share. Required 1. Prepare the journal entries indicated for each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Cash Common Stock b Cash Common Stock Cash Preferred Stock Additional Paid-in Capital, Preferred Stock