Presidential Limousine, Inc., received its corporate charter on April 2 of the current year. The corporation is authorized to issue 50,000 shares of $20.00 stated-value stock. A cash receipts journal and a cash payments journal are provided in the Working Papers. Source documents are abbreviated as follows: check, C; receipt, R. Your instructor will guide you through the following examples.

Journalize the following transactions.

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Apr. 3. Received cash from four incorporators for 30,000 shares of $20.00 stated-value common stock, $600,000.00. R1-4. 4. Paid cash to Julie Albrecht as reimbursement for organization costs, $10,000.00. C1.