Company ABC has just been created in Manitoba. The following transactions occurred in the first year ending December 31, 2022:

January 1, 2022 Issued 1,000 common shares to the public for $5,000 cash.

February 24, 2022: Issued 500 common shares for $6 per share. Snowball took back a note payable for these shares.

March 30, 2022: Made sales on account in the amount of $7,500. The cost of goods related to these sales was $6,500.

April 15, 2022: Collected $7,400 cash on sales made on account in the previous month.

December 2, 2022: The board of directors declared a $1.50 per share cash dividend payment which will be paid on December 31, 2022. The date of record is December 1, 2022.

December 10, 2022: Issued 400 common shares for $7 per share. The company received payment in cash.

Prepare journal entries for Snowball for the above transactions. If no entry is needed, explain why