In 2020, Sage Inc. Issued 1,100 shares of $10 par value common stock for land worth $45,900. (a) Prepare Sage's Journal entry to record the transactlon. (Credit account titles are automatically indented when amount is entered. Do not indent manually. I no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (b) indicate the effect the transactlon has on cash. (c) indicate how the transaction is reported on the statement of cash flows. Sage Inc. Statement of Cash Flows (Partial)
In 2020, Sage Inc. Issued 1,100 shares of $10 par value common stock for land worth $45,900. (a) Prepare Sage's Journal entry to record the transactlon. (Credit account titles are automatically indented when amount is entered. Do not indent manually. I no entry is required, select "No entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (b) indicate the effect the transactlon has on cash. (c) indicate how the transaction is reported on the statement of cash flows. Sage Inc. Statement of Cash Flows (Partial)
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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![In 2020, Sage Inc. Issued 1,100 shares of $10 par value common stock for land worth $45,900.
(a) Prepare Sage's Journal entry to record the transactlon. (Credit account titles are automaticaly 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
Credit
(b) Indicate the effect the transactlon has on cash.
(c) Indicate how the transactlon is reported on the statement of cash flows.
Sage Inc.
Statement of Cash Flows (Partial)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc6b7311d-5fad-4f2f-ab3d-7ddae021e01e%2F0f4fd987-579b-495a-a5f2-5a4632296b90%2F0qy06kt_processed.png&w=3840&q=75)
Transcribed Image Text:In 2020, Sage Inc. Issued 1,100 shares of $10 par value common stock for land worth $45,900.
(a) Prepare Sage's Journal entry to record the transactlon. (Credit account titles are automaticaly 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
Credit
(b) Indicate the effect the transactlon has on cash.
(c) Indicate how the transactlon is reported on the statement of cash flows.
Sage Inc.
Statement of Cash Flows (Partial)
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