Novak Corp. has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10,950.
4 Pays insurance in advance for 3 months, $1,020.
16 Receives $780 from clients for services rendered.
27 Pays the secretary $520 salary.
Journalize the transactions.

Please see answers in explanation column

Explanation:

Journal entry for Novak Corp during August

Date               Account title                  Debit                  Credit

Aug 1             Cash                              $10,950

Common stock                                                                   $10,950

Aug 4           Prepaid Insurance           $1,020.        

                         Cash                                                             $1,020.

Aug 16              Cash                                $780    

               Service revenue                                                         $780

Aug 27          Salaries expense                 $520  

                             Cash                                                                $520

answerattainable;