Burgers & Fries, Inc. is authorized to issue an unlimited number of common shares and 10,000 preferred shares. During its first year, the business completed the following share issuance transactions July Oct 19 Issued 14,000 common shares for cash of $6.75 per share. 3 Issued 1,100 $3.25 preferred shares for $110,000 cash. 11 Received inventory valued at $17,000 and equipment with fair value of $12,000 for 4,200 common shares Required 1. Journalize the transactions. Explanations are not required. 2. Prepare the shareholders' equity section of Burgers & Fries' balance sheet. The ending balance of Retained Earnings is a deficit of $50,000 BH- Requirement 1. Journalize the transactions. Explanations are not required (Record debits first, then credits. Explanations are not required.) Begin by journalizing the July 19 issue of common shares. Issued 14,000 common shares for cash of $6.75 per share. Journal Entry Date Accounts Debit Credit July 19 Next, journalize the October 3rd transaction. Issued 1,100 $3.25 preferred shares for $110,000 cash. Journal Entry Date Accounts Debit Credit Oct GO 3 Finally, journalzie the October 11th transaction. Received inventory valued at $17,000 and equipment with a fair value of $12,000 for 4,200 common shares Journal Entry Debit Credit Date Accounts Oct 11 Requirement 2. Prepare the shareholders' equity section of Burgers & Fries' balance sheet. The ending balance of Retained Earnings is a deficit of $50,000. (Use a minus sign or parenthesis for deficit amounts.) Shareholders' Equity Shareholders' equity: Total shareholders' equity