1
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ACG 2021 Ch.3 Questions and Answers
(100% Correct Answers) Already Graded
A+
Issued common stock to investors in exchange for cash received
from investors. [ Ans: ] INCREASE In Cash and INCREASE in
Common Stock
Paid monthly rent. [ Ans: ] DECREASE in Cash and DECREASE in
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Rent Expenses
Received cash from customers when service was performed. [
Ans: ] INCREASE In Cash and INCREASE in Service Revenues
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Billed customers for services performed. [ Ans: ] INCREASE In
Accounts Receivable and INCREASE in Service Revenue
Paid dividend to stockholders. [ Ans: ] DECREASE in Cash and
DECREASE in Dividends
Incurred advertising expense on account. [ Ans: ] INCREASE in
Accounts Payable and DECREASE in Advertising Expenses
Received cash from customers billed in (4).
(4.Billed customers for services performed.) [ Ans: ] INCREASE in
Cash and DECREASE in Accounts Receivable
Purchased additional equipment for cash. [ Ans: ] INCREASE in
Equipment and DECREASE in Cash
Purchased equipment on account. [ Ans: ] INCREASE in
Equipment and INCREASE in Accounts Payable
Stockholders invested $40,000 in the business in exchange for
common stock of the company [ Ans: ] INCREASE Cash 40,000
and INCREASE Common Stock 40,000
, 2
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Purchased computers for office use for $30,000 from Dell on
account. [ Ans: ] INCREASE Equipment 30,000 and INCREASE
Accounts Payable 30,000
Paid $4,000 cash for May rent on storage space. [ Ans: ]
DECREASE Cash (4,000) and DECREASE Expenses (4,000)
Performed computer services worth $19,000 on account. [ Ans: ]
INCREASE Accounts Receivable 19,000 and INCREASE Revenues
19,000
Performed computer services to Lawton Construction Company
for $5,000 cash. [ Ans: ] INCREASE Cash 5,000 and INCREASE
Revenues 5,000
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Paid Southern States Power Co. $8,000 cash for energy usage in
May. [ Ans: ] DOWN Cash (8,000) and DECREASE Expenses
(8,000)
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Paid Dell for the computers purchased in (2).
(Purchased computers for office use for $30,000 from Dell on
account.) [ Ans: ] DOWN Cash (30,000) and DECREASE Accounts
Payable (30,000)
Incurred advertising expense for May of $1,300 on account. [
Ans: ] INCREASE Accounts Payable 1,300 and DECREASE Expenses
1,300
Received $12,000 cash from customers for contracts billed in (4).
(Performed computer services worth $19,000 on account.) [ Ans:
] INCREASE Cash 12,000 and and DECREASE Accounts Receivable
(12,000)
Issued shares of common stock to investors in exchange for
$100,000 in cash. [ Ans: ] INCREASE Cash 100,000 and INCREASE
Common Stock of 100,000
Borrowed $45,000 by issuing bonds. [ Ans: ] INCREASE Cash
45,000 and INCREASE of Bonds Payable of 45,000
For Expert help and assignment solutions, +254707240657
ACG 2021 Ch.3 Questions and Answers
(100% Correct Answers) Already Graded
A+
Issued common stock to investors in exchange for cash received
from investors. [ Ans: ] INCREASE In Cash and INCREASE in
Common Stock
Paid monthly rent. [ Ans: ] DECREASE in Cash and DECREASE in
© 2025 Assignment Expert
Rent Expenses
Received cash from customers when service was performed. [
Ans: ] INCREASE In Cash and INCREASE in Service Revenues
Guru01 - Stuvia
Billed customers for services performed. [ Ans: ] INCREASE In
Accounts Receivable and INCREASE in Service Revenue
Paid dividend to stockholders. [ Ans: ] DECREASE in Cash and
DECREASE in Dividends
Incurred advertising expense on account. [ Ans: ] INCREASE in
Accounts Payable and DECREASE in Advertising Expenses
Received cash from customers billed in (4).
(4.Billed customers for services performed.) [ Ans: ] INCREASE in
Cash and DECREASE in Accounts Receivable
Purchased additional equipment for cash. [ Ans: ] INCREASE in
Equipment and DECREASE in Cash
Purchased equipment on account. [ Ans: ] INCREASE in
Equipment and INCREASE in Accounts Payable
Stockholders invested $40,000 in the business in exchange for
common stock of the company [ Ans: ] INCREASE Cash 40,000
and INCREASE Common Stock 40,000
, 2
For Expert help and assignment solutions, +254707240657
Purchased computers for office use for $30,000 from Dell on
account. [ Ans: ] INCREASE Equipment 30,000 and INCREASE
Accounts Payable 30,000
Paid $4,000 cash for May rent on storage space. [ Ans: ]
DECREASE Cash (4,000) and DECREASE Expenses (4,000)
Performed computer services worth $19,000 on account. [ Ans: ]
INCREASE Accounts Receivable 19,000 and INCREASE Revenues
19,000
Performed computer services to Lawton Construction Company
for $5,000 cash. [ Ans: ] INCREASE Cash 5,000 and INCREASE
Revenues 5,000
© 2025 Assignment Expert
Paid Southern States Power Co. $8,000 cash for energy usage in
May. [ Ans: ] DOWN Cash (8,000) and DECREASE Expenses
(8,000)
Guru01 - Stuvia
Paid Dell for the computers purchased in (2).
(Purchased computers for office use for $30,000 from Dell on
account.) [ Ans: ] DOWN Cash (30,000) and DECREASE Accounts
Payable (30,000)
Incurred advertising expense for May of $1,300 on account. [
Ans: ] INCREASE Accounts Payable 1,300 and DECREASE Expenses
1,300
Received $12,000 cash from customers for contracts billed in (4).
(Performed computer services worth $19,000 on account.) [ Ans:
] INCREASE Cash 12,000 and and DECREASE Accounts Receivable
(12,000)
Issued shares of common stock to investors in exchange for
$100,000 in cash. [ Ans: ] INCREASE Cash 100,000 and INCREASE
Common Stock of 100,000
Borrowed $45,000 by issuing bonds. [ Ans: ] INCREASE Cash
45,000 and INCREASE of Bonds Payable of 45,000
