Shakes & Ice Cream, Inc. is authorized to issue an unlimited number of common shares and 10,000 preferred shares. Du July 19 Issued 24 000 common shares for cash of $6,50 per share Oct 3 Issued 600 $1.75 preferred shares for $60,000 cash. 11 Received inventory valued at $17.000 and equipment with fair value of $12,000 for 3 900 common shares Required 1. Journalize the transactions. Explanations are not required 2. Prepare the shareholders' equity section of Shakes & Ice Cream's balance sheet The ending balance of Retained Ea deficit of $51,000. Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Explanat Begin by journalizing the July 19 issue of common shares Issued 24,000 common shares for cash of $6.50 per share. Journal Entry Date Accounts Debit Credit July 19