Use the working papers from Work Together 11-1. A general journal and statement paper are provided in the Working Papers. Source documents are abbreviated as follows: memorandum, M; receipt, R. Your instructor will guide you through the following examples.

1. Journalize the following transactions.

2. Prepare a balance sheet for Presidential Limousine as of April 30 of the current year.

Data from Work Together 11-1

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. 7. Received a subscription from Robert Companari for 5,000 shares of $20.00 stated-value common stock, $100,000.00. M1. 24. Received cash from Robert Companari in payment of stock subscription, $100,000.00. R5. 25. Issued Stock Certificate No. 5 to Robert Companari for 5,000 shares of $20.00 stated-value common stock, $100,000.00. M2.