P10-76A (similar to) Question Help 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 California authorizes the corporation to issue 150,000 shares of $2 par common stock. In its first month, Joy Rafts, Inc., 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.) Aug 6: Issued 1,000 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $26,000. Debit Organization Expense Journal Entry Accounts Date Debit Credit Aug Requirements 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of the Joy Rafts, Inc., balance sheet at August 31, 2019. The ending balance of Retained Earnings is $90,000. Print Done Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Check