Cream & Sugar, Inc. is authorized to issue an unlimited number of common shares and 10,000 preferred shares. During its first year, the business completed to following share issuance transactions July 19 Issued 14,000 common shares for cash of $7.75 per share Oct 3 Issued 900 $2.00 preferred shares for $90,000 cash 11 Received inventory valued at $14,000 and equipment with fair value of S12.000 for 4.100 common shares. Required 1. Journalize the transactions. Explanations are not required 2. Prepare the shareholders' equity section of Cream & Sugar's balance sheet. The ending balance of Retained Earnings is a deficit of $49,000 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 $7.75 per share, Journal Entry Date Accounts Debit Credit July 19 Hext, journalize the October 3rd transaction Issued 900 $2.00 preferred shares for $90,000 cash. moose from any list or enter any number in the input fields and then continue to the next question 0 Cream & Sugar, 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 19 Issued 14,000 common shares for cash of $7 75 per share Oct 3 Issued 900 $2.00 preferred shares for $90,000 cash. 11 Received inventory valued at $14,000 and equipment with fair value of $12.000 for 4.100 common shares Required 1. Journalize the transactions. Explanations are not required 2. Prepare the shareholders' equity section of Cream & Sugar's balance sheet. The ending balance of Retained Earnings is a defick of $49,000 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 57.75 per share. Journal Entry Date Accounts Debit Credit July 19 ed shares for $90,000 cash Cash Common Shares Dividends Next, journalis Equipment Inventory Preferred Shares Choose from Retained Earnings Revenues hen continue to the next question. TITET