ou in 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 bites. Instructions General Journal Journalize the entries for May 1 and May 7. Refer to the Chart of Accounts for exact wording of accounties PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS AUTIES Q UITY