The partners who own Sanders Rafts Inc. wished lo avoid the unlimited personal liability of the partnership form of business, so they incorporated as Sanders Rafts, Inc. The charter from the state of Texas authorizes the corporation to issue 170,000 shares of $12 par common stock. In its first month, Sanders Rafts, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the joumal. (Record debits first, then credits. Exclude explanations from any joumal entries.) Jul 6: Issued 1,000 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $27.000. Debit Organization Expense. Journal Entry Accounts Date Debit Credit Jul 6 Jul 9: Issued 6,000 shares of common stock to Julia Jackson and 17,000 shares to Sarah Sanders in return for cash equal to the stock's market value of $30 per share. The two women were partners in Sanders Rafts, Co. Journal Entry Date Accounts Debit Credit Jul Jul 26: Issued 1,100 shares of common stock for $20 cash per share. The partners who own Sanders Rafts Inc. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Sanders Rafts, Inc. The charter from the state of Texas authorizes the corporation to issue 170,000 shares of $12 par common stock. In its first month. Sanders Rafts, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements Jul 26: Issued 1,100 shares of common stock for $20 cash per share. Journal Entry Accounts Date Debit Credit Jul 26 Requirement 2. Prepare the stockholders' equity section of the Sanders Rafts, Inc., balance sheet at July 31, 2019. The ending balance of Retained Earnings is $70,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Sanders Rafts, Inc. Balance Sheet (partial) July 31, 2019 Stockholders' Equity: par shares shares Total paid-in capital Choose from any list or enter any number in the input fields and then continue to the next question Jul 6 Issued 1,000 shares of common stock to the promoter for assistance with issuance of the common stock. The promotional fee was $27,000. Debit Organization Expense. 9 Issued 6,000 shares of common stock to Julia Jackson and 17,000 shares to Sarah Sanders in return for cash equal to the stock's market value of $30 per share. The two women were partners in Sanders Rafts Co. 26 Issued 1,100 shares of common stock for $20 cash per share. Print Done