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On February 3, 2019, Teel Corporation enters into a subscription contract with several subscribers for 4,000 shares of $5 par common stock at a price of $16 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: w 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 517 per share, 2. Prepare journal entries to record the May 3 receipt of the full remaining balance from subscribers. The market price is currently $17 per share General Journal Instructions How does geading work? PAGE 1 GENERAL JOURNAL Score: 30/51 POST REF CREDIT 1 DATE ACCOUNT TITLE May3 Cash Subscriptions Receivable DEUT 17,000.00 2 3 Common Stock Subscribed 20,000.00 Additional Paid-in Capital on Common Stock 30,000.00