Navy Stores is authorized to issue 14,000 shares of common stock. During a two-month period, Navy completed these stock transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the transactions. Begin by journalize the transaction on August 23. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Accounts Date Debit Credit Aug 23 Data Table Aug Oct 23 Issued 2,500 shares of $1.00 par common stock for cash of $15.00 per share. 12 Received inventory with a market value of $17,000 and equipment with market value of $47,000 for 3,700 shares of the $1.00 par common stock. Print Done . i Requirements 1. Journalize the transactions. 2. Prepare the stockholders' equity section of Navy's balance sheet for the transactions. The company's Retained Earnings account has a balance of $46,000. Print Done