The partners who own Jefferson Rafts Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Jefferson Rafts, Inc. The charter from the state of Vermont authorizes the corporation to issue 200,000 shares of $15 par common stock. In its first month, Jefferson Rafts, Inc., completed the following transactions: 

Requirements

1. Record the transactions in the journal.

2. Prepare the stockholders’ equity section of the Jefferson Rafts, Inc., balance sheet at March 31, 2019. The ending balance of Retained Earnings is $55,000.

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Issued 900 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $27,000. Debit Organization Expense. Issued 4,000 shares of common stock to Lindsey Crow and 14,000 shares to Jackie Jefferson in return for cash equal to the stock's market value of $20 per share. The two women were partners in Jefferson Rafts Co. Issued 1,600 shares of common stock for $25 cash per share. Jan 6 26