Pacific Technologies Corporation received its charter on January 4 of the current year. The corporation is authorized to issue 200,000 shares of \($10.00\) stated-value common stock and 50,000 shares of 12%, \($100.00\) par-value preferred stock.

Instructions:

Journalize the transactions. Use page 1 of a cash receipts journal, a cash payments journal, and a general journal.
Source documents are abbreviated as follows: check, C; receipt, R.

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Transactions: Jan. 4. Received cash from three incorporators for 48,000 shares of $10.00 stated-value common stock, $480,000.00. R1-3. 4. Paid cash to Joseph Garza as reimbursement for organization costs, $2,000.00. C1.