Every plea shall be entered upon the record of the court and shall have the following effect:
(1) A plea of not guilty is a denial of the guilt of the accused and puts in issue every material allegation of the information or indictment;
(2) A plea of guilty is an acknowledgment that the accused is guilty of the offense charged; and
(3) A plea of no contest indicates the accused does not challenge the charges in the information or indictment and if accepted by the court shall have the same effect as a plea of guilty and imposition of sentence may be rendered in the same manner as if a plea of guilty had been entered.