Instructions On May 1, 10,000 shares of $10 par common stock were issued at $30, and on May 7, 5,000 shares of $50 par preferred stock were issued at $111. Required: Journalize the entries for May 1 and May 7. Refer to the Chart of Accounts for exact wording of account titles. General Journal Journalize the entries for May 1 and May 7. Refer to the Chart of Accounts for exact wording of accounts JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST RER DEBIT CREDIT ASSETS ABILITIES QUITY