Journalizing transactions for starting a corporation

Nap Nappy, Inc., received its charter on August $1$ of the current year. The corporation is authorized to issue

$150,000$ shares of $$5\mathrm{.}00$ stated$-$value common stock and $50,00$ shares of $10\%,$ $$100\mathrm{.}00$ par$-$value

preferred stock.

Instructions: $1.$ Journalize the following 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;

memorandum, M; receipt, R$.$

Aug $4.$ Received cash from ten incorporators for $50,000$ shares of $$5\mathrm{.}00$ stated$-$value

Common stock,$$250,000\mathrm{.}00.$ R$1-10.$

Aug $4.$ Paid cash to Paul Kerwin as reimbursement for organization costs, $$6,500\mathrm{.}00.$

C$1$

Aug $6.$ Received a subscription from Deborah Andrews for $500$ shares of $$5\mathrm{.}00$stated$-$

value common stock, $$2,500\mathrm{.}00.$ M$1.$

Aug $21.$ Received a subscription from Kevin Clark for $3,000$ shares of $$5\mathrm{.}00$ stated$-$

value common, $$15,000\mathrm{.}00.$ M$2.$

Sept $16.$ Received cash from Deborah Andrews in payment of stock subscription,

$$2,500\mathrm{.}00.$ R$11.$

Sept $16.$ Issued stock Certificate No$.11$ to Deborah Andrews for $500$ shares of $$5\mathrm{.}00$

stated value common stock, $$2,500\mathrm{.}00.$M$3.$

Oct $1.$ Received cash from Kevin Clark in partial payment of stock subscription,

$$7,500\mathrm{.}000$ R$12.$

Oct $15.$ Received a subscription from George Bagwell for $6,000$ shares of $$5\mathrm{.}00$ stated$-$ value common

stock, $$30,000.$ M$4$

Nov $1.$ Received cash from Kevin Clark in final payment of stock subscription, $$7,500.$ R$13.$

Nov $1.$ Issued Stock Certificate No$.12$ to Kevin Clark for $3,000$ shares of $$5\mathrm{.}00$ stated$-$value common

stock, $$15,000\mathrm{.}00.$ M$5$