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. Donot indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)Account Titles and ExplanationDebit(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 MediaCredit

(a) Preparing the Journal EntryWhen Novak Inc. issued 700 shares of $10 par value common stock in…

Answered: In 2020. Novak Inc. issued 700 shares…

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

Problem 16P

See similar textbooks

Similar questions

Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporations bookkeeper. Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling 14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned a customers 2,000 check marked NSF, but no entry was made. Cash includes 100,000 restricted for building purposes. 2. Included in accounts receivable is a 30,000 note due on December 31, 2022, from Zeuss president. 3. During 2019, Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 51,300, and fair value on December 31, 2019, was 51,300. Zeus plans to hold these shares indefinitely. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for 32 per share in May 2019. This amount is included in investments. 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a 10% note payable, manning December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This note is collateralized by a 250,000 tract of land acquired as a potential future building site, which is included in land. 6. The mortgage payable requires 50,000 principal payments, plus interest, at the end of each month. Payments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non-cancelable agreement with the lender to refinance this mortgage. The new terms require 100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2021. The final payment is due February 28, 2028. 7. The lawsuit liability will be paid in 2020. 8. Of the total deferred tax liability; 5,000 is considered a current liability. 9. The current income tax expense reported in Zeuss 2019 income statement was 61,200. 10. The company was authorized to issue 100,000 shares of 50 par value common stock.
Debit balance as per cash book of Hopinks Co as on 30th April 2019 is$1500.Cheques deposited but not cleared amounts to $100, Cheques issued butnot presented amounts to $150.The bank allowed interest amounting to $50collected dividend of $50 on behalf of Hopinks Co and charged service chargesof $75.Calculate the Balance as per Pass book.
4.Debit balance as per cash book of Hopinks Co as on 30th April 2019 is $1500.Cheques deposited but not cleared amounts to $100, Cheques issued but not presented amounts to $150.The bank allowed interest amounting to $50 collected dividend of $50 on behalf of Hopinks Co and charged service charges of $75. Calculate the Balance as per Pass book.
Kindly answer the question below
Required: (cashbook and bank statement attatched as images) (i)Calculate the balance as per the cash book (ii)Calculate the balances on the bank statement (iii)Prepare Adjusted cash book as at 31 December 2019 (iv) Prepare a Bank reconciliation statement. (b) Explain contra entry from purchases ledger to sales ledger (c)After the profit and loss account for Jebby Ltd had been prepared, it was found that prepaid expenses of Shs. 60,000 had been omitted and that closing stock had been overvalued by Shs.40,500. Explain the effect of these errors on the financial statements.
In the draft accounts for the year ended 31 October 2019 of Thomas P Lee, garage proprietor, the balancE at bank according to the cash book was TZS 894.68 in hand. Subsequently the following discoveries were made: 1) Chegue number 176276 dated 3 September 2019 for TZS 310.84 in favour of GLowe Limited has been correctly recorded in the bank statement, but included in the cash book payments as TZS 301.84. 2) Bank commission charged of TZS 169.56 and bank interest charged of T2S 109.10 have been entered in the bank statement on 23 October 2019, but not included in the cash book. 3) The recently received bank statement shows that a cheque for TZS 29.31 received from TAndrews and credited in the bank statements on 9 October 20X9 has now been dishonored and debited in the bank statement on 26 October 2019. The only entry in the cash book for this chegue records its receipt on 8 October 20X9. 4) Cheque number 177145 for TZS 15.10 has been recorded twice as a credit in the cash book 5)…
The cash account of SWITZER ltd. reported a balance of $2,500 at August 31,2020. Included were the outstanding cheques totalling $900 and on August 31 deposit of $500 that did not appear on the bank statement. The bank statement, which came from HSBC bank, listed on August 31,2020, balance of $3,405. Included in the bank balance was on August 30 collection of $550 on account from a customer who pays the bank directly. The bank statement also shows a $20 service charge, $10 of interest revenue that SWITZER earned on its bank balance and an NSF cheque for $35. Make the company’s journal entries for transactions that arise from the bank reconciliation. Include an explanation with each entry.
Please don't provide answer in image format thank you
a. The deposit in transit of Grace Corporation at June 30, 2020 is? b. The outstanding checks of Grace Corporation at June 30, 2020 is? c. The unadjusted cash ledger balance of Grace Corporation at June 30, 2020 is? d. The unadjusted cash bank balance of Grace Corporation at June 30, 2020 is? e. The adjusted cash balance of Grace Corporation at June 30, 2020 is?
(a)Prepare the bank reconciliation statement for the month of December 2021. (b)Prepare the necessary adjusting journal entries to update the accounting record.
please dont provide answer in image fromat thank you
How much is ATHENS' accrual basis purchases during the year?

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS