Use the working papers for Application Problem 11-1.

Instructions:

1. Journalize the transactions. Source documents are abbreviated as follows: memorandum, M; receipt, R.

2. Prepare a balance sheet for Pacific Technologies Corporation as of March 2 of the current year.

Data from Problem 11-1

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.

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Transactions: Jan. 5. Received a subscription from Karen Yoshihara for 2,000 shares of $10.00 stated-value common stock, $20,000.00. M1. 16. Received a subscription from Tyronne Carter for 10,000 shares of $10.00 stated-value common stock, $100,000.00. M2. Feb. 1. Received cash from Karen Yoshihara in payment of stock subscription, $20,000.00. R4. 1. Issued Stock Certificate No. 4 to Karen Yoshihara for 2,000 shares of $10.00 stated-value common stock, $20,000.00. M3. 8. Received cash from Tyronne Carter in partial payment of stock subscription, $50,000.00. R5. 15. Received a subscription from Cindy Coburn for 300 shares of $10.00 stated-value common stock, $3,000.00. M4. Mar. 1. Received cash from Tyronne Carter in final payment of stock subscription, $50,000.00. R6. 1. Issued Stock Certificate No. 5 to Tyronne Carter for 10,000 shares of $10.00 stated-value common stock, $100,000. M5.