id the unlimited personal liability of the partnership form of business, so they incorporated as Joy Rafts, Inc. The charter from the st month, Joy Rafts, Inc., completed the following transactions X More Info mal. (Re omoter f 6 Issued 500 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $11,000. Debit Organization Expense. 9 Issued 12,000 shares of common stock to Jenny Stike and 23.000 shares to Julie Joy in return for cash equal to the stock's market value of $15 per share. The two women were partners in Joy Rafts Co 26 Issued 800 shares of common stock for $18 cash per share Jul nal Entry Common Print Done The two women wer nny Stike an0 23,000 shares to Julie Joy in return for cash equal tO the stock's market value of $15 per share input fields and then continue to the next question X N 1P e unlimited personal liability of the partnership form of business, so they incorporated as Joy Rafts, Inc. The charter fr th, Joy Rafts, Inc., completed the following transactions: - X Requirements (Re oter f Entry 1. Record the transactions in the journal 2. Prepare the stockholders' equity section of the Joy Rafts, Inc., balance sheet at July 31, 2019 The ending balance of Retained Earnings is $45.000. nmon Print Done Stike and 23,000 shares to Julie Joy in return for cash equal to the stock's market value of $15 per share The two wo ut fields and then continue to the next question The partners who own Joy Rafts Inc. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Joy Rafts, Inc. The charter from the state of Nevada authorizes the corporation to issue 150,000 shares of $5 par common stock In its first month, Joy Rafts, Inc., completed the following transactions: (Cick the icon view the transactions.) Read the requirements Requirement 1. Record the transactions in the joumal. (Record debits first, then credits. Exclude explanations from any journal entries.) Jul 6: Issued 500 shares of common stock to the promoler for assistance with issuance of the common stock. The promotional fee was $11,000. Debit Organization Expense Journal Entry Credit Debit Accounts Date 11000 6 Organization Expense Common Stock Paid-in Capital in Excess of Par-Common Jul 2500 8500 Jul 9 Issued 12,000 shares of common stock to Jenny Stike and 23,000 shares to Julie Joy in return for cash equal to the stock's market value of $15 per share. The two women were partners in Joy Rafts, Co Choose from any list or enter any number in the input fields and then continue to the next question 105 A 11/18/2 This Question: 6 pts 2 of 30 (7 complete) This Quiz The partners who own Joy Rafts Inc. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Joy Rafts, Inc. The charter from the state of Nevada authorizes the 150,000 shares of $5 par common stock. In its first month, Joy Rafts, Inc., completed the following transacttions (Click the icon to view the transactions.) Read the requirements. common stock to Jenny Stike and 23,000 shares to Julie Joy in return for cash equal to the stock's market value of $15 per share. The two women were partners in Joy Rafts, Co. Jul 9: Issued 12,000 shares Journal Entry Debit Date Accounts Credit 9 Cash 525000 Jul Common Stock 175000 Paid-in Capital in Excess of Par-Common 350000 Jul 26: Issued 800 shares of common stock for $18 cash per share. Journal Entry Accounts Credit Debit Date Choose from any list or enter any number in the input fields and then continue to the next question W P The partners who own Joy Rafts Inc. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Joy Rafts, Inc. The charter from the 150,000 shares of $5 par common stock. In its first month, Joy Rafts, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Jul 26: Issued 800 shares of common stock for $18 cash per share. Journal Entry Date Accounts Debit Credit 26 Cash Common Stock 14400 Jul 4000 Paid-in Capital in Excess of Par--Common 10400 Requirement 2. Prepare the stockholders' equity section of the Joy Rafts, Inc., balance sheet at July 31, 2019. The ending balance of Retained Earnings is $45,000. (Enter the acco- equity section of the balance sheet.) Joy Rafts, Inc. Choose from any list or enter any number in the input fields and then continue to the next question. P X The partners who own Joy Rafts Inc. wished to avoid the unlimited personal liability of the partnership form of business, so they incorpora 150,000 shares of $5 par common stock. In its first month, Joy Rafts, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Joy Rafts, Inc. Balance Sheet (partial) July 31, 2019 Stockholders' Equity: par shares shares Total paid-in capital Total stockholders' equity Choose from any list or enter any number in the input fields and then continue to the next question. 1P X