P10-72A (similar to Question Help The partners who own Joy Rafts 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 Vermont authorizes the corporation to issue 180,000 shares of $20 par common stock. In its first month, Joy Rafts completed the following transactions: (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Jul 6: Issued 500 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $14,500. Debit Organization Expense. Journal Entry Date Accounts Debit Credit Jul