Prepare journal entries for each transaction listed in M5-5.

Data From in M5-5

Using the following categories, indicate the effects of the following transactions. Use + for increase and −  for decrease and indicate the accounts affected and the amounts.
a. Sales on account were $1,800 and related cost of goods sold was $1,200.
b. Issued 5,000 shares of $1 par value stock for $60,000 cash.

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a. b. Event Assets || Liabilities + Stockholders' Equity