Journal Entries, Trial Balance, and Financial Statements Skyhawk Package Delivery is incorporated on January 2 and enters into the following transactions during its first month of operations Required: 1. Prepare journal entries on the books of Skyhawk Package Delivery to record the transactions entered into during the month January 2: Filed articles of incorporation with the state and issued 100,000 shares of capital stock. Cash of $100,000 is received from the new owners for the shares Journal Balance Sheet Stockholders' Date Description Debit Credit Assets - Liabilities Equity Jan. 2 Cash 100,000 100,000 NE NE Capital stock