C-Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes C-Cell to issue 50,000 shares of 7%, $50 par value cumulative preferred stock and 120,000 shares of $2 par value common stock. During the first month, C-Cell completed the following transactions. Assume C-Cell's net income for the month was $96,000. This question has 3 requirements. Scroll down to review the requirements and ensure you complete all requirements before submitting your work for grading. Requirements: The accounts used by C-Cell Wireless are provided in the Chart of Accounts (click on "Chart of Accounts" to view). The accounts have already been opened in the General Ledger (click on "General Ledger" to view). 1. Prepare journal entries to record the transactions of C-Cell Wireless and post the entries to the General Ledger. (Explanations are not required.) 2. Review each of the accounts in the General Ledger to see the results of posting the journal entries, including the changes in each account.