In 2011, Abbotsford Inc. issued 1,000 common shares for land worth $149,000. (a) Prepare Abbotsfords journal entry
Question:
(a) Prepare Abbotsford’s journal entry to record the transaction.
(b) Indicate the effect that the transaction has on cash.
(c) Indicate how the transaction is reported on the statement of cash flows.
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Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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