Fast Fries, 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 28,000 common shares for cash of $7.75 per share. Oct 3 Issued 700 $3.75 preferred shares for $70,000 cash. 11 Received inventory valued at $11,000 and equipment with fair value of $8,500 for 3,600 common shares. Required 1. Journalize the transactions. Explanations are not required. 2. Prepare the shareholders' equity section of Fast Fries' balance sheet. The ending balance of Retained Earnings is a defict of $51,000. 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 28,000 common shares for cash of $7.75 per share Date July 19 Journal Entry Accounts Debit Credit