Chapter 15 Review Questions 1. On March 2, Tex Co enters into a subscription contract for 2,500 shares of $5 par common stock at a price of $10 per share. The contract requires a down payment of 20%, with the remaining balance to be paid on May 1. The stock will be issued to each subscriber upon full payment. a. Prepare the March 2nd journal entry for the receipt of the down payment. b. Prepare the May 1st journal entry for receipt of the full remaining balance from subscribers. The market price on May 1st is $12 per share. LA PEALE