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 foll share issuance transactions: July 19 Issued 24,000 common shares for cash of $8.00 per share. Oct 3 Issued 500 $2.50 preferred shares for $50,000 cash. 11 Received inventory valued at $12,000 and equipment with fair value of $10,500 for 4,100 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 deficit of $43,000 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 24,000 common shares for cash of $8.00 per share. Journal Entry Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Check