During the first year of operations, Smith Corporation had the following transactions: Jan. 1 - Issued 50,000 shares of $1 par value common stock at $20 per share. May 24 - Reacquired 5,000 shares of common stock issued on Jan. 1 for $23 per share. Dec. 8 - Paid $ 22,500 cash dividends. Required: Prepare the journal entries for the above transactions. NO explanations required. Account Date Jan. 1 Debit Credit May 24 Dec. 8 Study Guide Review - Transaction Analysis Complete the chart below-include account type and normal balance for each account. Account Name Account Type Normal Balance (Debit, Credit, Temporary) Cash Common stock Long-term note payable Equipment Short-term note payable Services Revenue