On February 3, 2019, Teel Corporation enters into a subscription contract with several subscribers for 4,000 shares of $10 par common stock at a price of $15 per share. The contract requires a down payment of 25%, with the remaining balance to be paid on May 3, 2019. The stock will be issued to each subscriber upon full payment. Required: Prepare journal entries to record the following: 1. The February 3 receipt of the down payment and signing of the contract. 2. The May 3 receipt of the full remaining balance from subscribers. The market price is currently $16 per share.

1. Prepare journal entries to record the February 3 receipt of the down payment and signing of the contract.

General Journal Instructions

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GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
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2
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2. Prepare journal entries to record the May 3 receipt of the full remaining balance from subscribers. The market price is currently $16 per share.

General Journal Instructions

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2
3
4