Shakes & Ice Cream, Inc. is authorized to issue an unlimited number of common shares and 10,000 preferred shares. During its first year, the business completed the following share issuance transactions July 19 Issued 26,000 common shares for cash of $7.75 per share Oct 3 Issued 700 $1.75 preferred shares for $70 000 cash 11 Received inventory valued at $18,000 and equipment with fair value of $11 500 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 Earnings is a deficit of $46,000 Requirement 1. Journalize the transactions. Explanations are not required (Record debits first, then credits. Explanations are not required.) Begin by journalizing the July 19 issue of common shares Issued 26,000 common shares for cash of $7_75 per share Journal Entry Date Accounts Debit Credit July 19 Next, journalize the October 3rd transaction Issued 700 $1.75 preferred shares for $70,000 cash TOSTEL Journal Entry Accounts Debit Date Credit Choose from any list or enter any number in the input fields and then continue to the next question Time Remaining: 0 Shakes & Ice Cream, Inc is authorized to issue an unlimited number of common shares and 10,000 preferred shares. During its first year, the business completed July 19 Issued 26,000 common shares for cash of $7.75 per share Oct 3 Issued 700 $1.75 preferred shares for $70,000 cash 11 Received inventory valued at $18,000 and equipment with fair value of $11,500 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 Earnings is a deficit of $46,000 Requirement 2. Prepare the shareholders' equity section of Shakes & Ice Cream's balance sheet The ending balance of Retained Earnings is a deficit of $46,000 Shareholders' Equity Shareholders' equity Total shareholders' equity Choose from any list or enter any number in the input fields and then continue to the next