Record the transactions in the journal

More info Requirements 1. Record the transactions in the journal. 2. Prepare the stockholders' equity section of the Picanso Rafts, Inc., balance sheet at October 31, 2022. The ending balance of Retained Earnings is $70,000. The partners who own Picanso Rafts Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Picanso Rafts, Inc. The charter from the state of Georgia authorizes the corporation to issue 125,000 shares of $3 par common stock. In its first month, Picanso Rafts, Inc., completed the following transactions: (Click the icon to view the transactions.) Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Oct 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