Lawrence, Inc., entered into a subscription contract with several subscribers that calls for...
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Accounting
Lawrence, Inc., entered into a subscription contract with several subscribers that calls for the purchase of shares of $ par common stock for $ a share. The contract calls for a down payment and specifies that any amounts not paid within the contract period will be forfeited in full.
Refer to Exhibit Lawrence received final payment on shares and issued those shares. Subscribers defaulted on shares. The entry to record the default on shares would include a
A debit to Additional Paidin Capital on Common Stock for $
B debit to Common Stock Subscribed for $
C credit to Subscriptions Receivable: Common Stock for $
D credit to Additional Paidin Capital from Subscribed Stock for $
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