In 2020. Novak Inc. issued 700 shares of $10 par value common stock for land worth $46,300. (a) Prepare Novak's journal entry to record the transaction (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit (b) Indicate the effect the transaction has on cash. (c) Indicate how the transaction is reported on the statement of cash flows. Novak Inc. Statement of Cash Flows (Partial) eTextbook and Media Credit

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
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In 2020. Novak Inc. issued 700 shares of $10 par value common stock for land worth $46,300.
(a) Prepare Novak's journal entry to record the transaction (Credit account titles are automatically indented when amount is entered. Do
not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
Debit
(b) Indicate the effect the transaction has on cash.
(c) Indicate how the transaction is reported on the statement of cash flows.
Novak Inc.
Statement of Cash Flows (Partial)
eTextbook and Media
Credit
Transcribed Image Text:In 2020. Novak Inc. issued 700 shares of $10 par value common stock for land worth $46,300. (a) Prepare Novak's journal entry to record the transaction (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit (b) Indicate the effect the transaction has on cash. (c) Indicate how the transaction is reported on the statement of cash flows. Novak Inc. Statement of Cash Flows (Partial) eTextbook and Media Credit
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