E11-11 (Algo) Recording Stockholders' Equity Transactions LO11-3, 11-8 On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 68,000 shares of no-par common stock and 34,000 shares of preferred stock, $11 par value. The corporation was organized by four individuals who purchased a total of 28,000 shares of the common stock. The remaining shares were to be sold to other individuals. During the year, the following selected transactions occurred: a. Collected $22 cash per share from the four organizers and issued 7,000 shares of common stock to each of them. b. Sold 8,000 shares of common stock to an outsider at $44 cash per share. c. Sold 9,000 shares of preferred stock at $33 cash per share. Required: 1. Prepare the journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 Collected $22 cash per share from the four organizers and issued 7,000 shares of common stock to each of them. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Sold 8,000 shares of common stock to an outsider at $44 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet