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9) Snowball Corporation (Snowbali) has just been created in Manitoba. The following transactions occurred in...

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9) Snowball Corporation (Snowbali) has just been created in Manitoba. The following transactions occurred in the first year ending December 31, 2022: January 1, 2022 - Issued 1,000 common shares to the public for $5,000cash. February 24, 2022: Issued 500 common shares for $6 per share. Snowball took back a note payable for these shares. March 30, 2022: Made sales on account in the amount of $7,500. The cost of goods related to these sales was $6,500. April 15, 2022: Collected $7,400 cash on sales made on account in the previous month. December 2, 2022: The board of directors declared a $1.50 per share cash dividend payment which will be paid on December 31,2022 . The date of record is December 1,2022. December 10,2022: Issued 400 common shares for $7 per share. The company received payment in cash. Required (16 marks): Prepare journal entries for Snowball for the above transactions. If no entry is needed, explain why. (Please date your entries.)

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