Beamsley Corporation was organized in $2020$ to operate a financial consulting business. The charter authorized $12,000$ common shares, no par value. During the first year, the following selected transactions were completed:

a$.$ Issued $5,300$ shares of common shares for cash at $$18$ per share.

b$.$ Issued $1,300$ shares of common shares for cash at $$21$ per share.

Required:

Show the effects of each transaction on the accounting equation. $($Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign.$)$

$\backslash$table$[[$Transaction$,$Assets,,,,$],[$a$.,,,,,],[$b$.,,,,,]]$

Prepare the journal entry required for each of these transactions. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Journal entry worksheet

Record the issue of $5,300$ common shares for cash, at $$18$ per share. Record the transaction. Record the transaction.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[$a$.,$r$,,],[,\frac{?}{\text{b}\text{a}\text{r}}(r),,],[,5,,],[,5,,],[,5,,],[,\stackrel{}{x},,]]$

Prepare the shareholders' equity section as it should be reported on the $2020$ year$-$end balance sheet. At year$-$end, the accounts reflected a profit of $$100.$

$\backslash$table$[[$Shareholders$\text{'}$ Equity$],[$Contributed capital:,$],[,],[,],[$Total contributed capital,$],[,],[,],[$Shareholders$\text{'}$ equity,$