On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 68,000 shares of no-par common stock and 42,000 shares of preferred stock, $10 par value. The corporation was organized by four individuals who purchased a total of 36,000 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 $20 cash per share from the four organizers and issued 9,000 shares of common stock to each of them. b. Sold 10,000 shares of common stock to an outsider at $40 cash per share. c. Sold 11,000 shares of preferred stock at $30 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.) Journal entry worksheet 1 2 3 > Collected $20 cash per share from the four organizers and issued 9,000 shares of common stock to each of them. Note: Enter debits before credits. Transaction General Journal Debit Credit a Record entry Clear entry View general journal Journal entry worksheet Sold 10,000 shares of common stock to an outsider at $40 cash per share. Note: Enter debits before credits. General Journal Debit Credit Transaction b Record entry Clear entry View general journal Journal entry worksheet 1 N 2 3 3 Sold 11,000 shares of preferred stock at $30 cash per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal