Nap Nappy, Inc., received its charter on August 1 of the current year. The corporation is authorized to issue 150,000 shares of $50.00 stated-value common stock and 50,00 shares of 10%, $100.00 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 $50.00 stated-value Common stock,$250,000.00. R1-10. Aug 4. Paid cash to Paul Kerwin as reimbursement for organization costs, $6,500.00. C1. Aug 6. Received a subscription from Deborah Andrews for 500 shares of $5.00statedvalue common stock, $2,500.00. M1. Aug 21. Received a subscription from Kevin Clark for 3,000 shares of $5.00 statedvalue common, $15,000.00. M2. Sept 16. Received cash from Deborah Andrews in payment of stock subscription, $2,500.00. R11. Sept 16. Issued stock Certificate No. 11 to Deborah Andrews for 500 shares of $5.00 stated value common stock, $2,500.00.M3. Oct 1. Received cash from Kevin Clark in partial payment of stock subscription, $7,500.000 R12. Oct 15. Received a subscription from George Bagwell for 6,000 shares of $5.00 stated- value common stock, $30,000. M4 Nov 1. Received cash from Kevin Clark in final payment of stock subscription, $7,500. R13. Nov 1. Issued Stock Certificate No. 12 to Kevin Clark for 3,000 shares of $5.00 stated-value common stock, $15,000.00.