Exhibit 15-2 Lawrence, Inc, entered into a subscription contract with several subscribers that calls for the purchase of 2,000 shares of $5 par common stock for $15 a share. The contract calls for a 20% down payment and specifies that any amounts not paid within the contract period will be forfeited in full. ? Refer to Exhibit 15-2. The initial entry to record this subscription and the down
payment would include:
A) a credit to Common Stock Subscribed for $10,000.
B) a credit to Additional Paid-in Capital from Subscribed Stock for $10,000.
C) a debit to Subscriptions Receivable: Common Stock for $30,000.
D) a debit to Cash for $2,000.
A
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