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kk1224
Jan 21, 2009, 12:04 PM
Attached are my journal entries for an account

On Dec 31 Recvd. notice from hholders of stock subscriptions for 800 shares that they would not pay further on the sub. because the stock price fell to $25 per share(orig. sale price was $45)[]. The amount still due is $30k, amt prev. paid was forfeited.

Please just explain how/where I need to look for the final highlighted entries I know there should be a contra account for the 31 entry I'm just not sure what it is

Do not answer, please just push me where to look
ROLCAM
Jan 25, 2009, 04:23 AM
I am pushing you in the right direction.
Have a go and show us what your answer is.
We shall endeavour to correct your answer.