Exam (elaborations)
ACC 212 CHAPTER 3 PRACTICE PROBLEMS OVERVIEW QUESTIONS WITH COMPLETE ANSWERS.
- Course
- Institution
ACC 212 CHAPTER 3 PRACTICE PROBLEMS OVERVIEW QUESTIONS WITH COMPLETE ANSWERS.
[Show more]
Content preview
ACC 212 CHAPTER 3 PRACTICEPROBLEMS OVERVIEW QUESTIONS
WITH COMPLETE ANSWERS
Issue common stock in exchange for cash - Answer Increase in Assets, No effect on
Liabilities, Increase in Stockholders' Equity
Purchase inventory on account - Answer Increase in Assets, Increase in Liabilities, No
effect on Stockholders' Equity
Provide services to customers on account - Answer Increase in Assets, No effect on
Liabilities, Increase in Stockholders' Equity
Borrow money from the bank to purchase a building - Answer Increase in Assets,
Increase in Liabilities, No effect on Stockholders' Equity
Pay for a year of health insurance for employees - Answer No effect on Assets, No
effect on Liabilities, No effect on Stockholders' Equity
Provide services to customers for cash - Answer Increase in Assets, No effect on
Liabilities, Increase in Stockholders' Equity
Repay loan from the bank - Answer Decrease in Assets, Decrease in Liabilities, No
effect on Stockholders' Equity
Receive cash from customers in (3) above - Answer No effect on Assets, No effect on
Liabilities, No effect on Stockholders' Equity
Pay for inventory purchased in (2) above - Answer Decrease in Assets, Decrease in
Liabilities, No effect on Stockholders' Equity
Electrician estimated cost - Answer $1,500 for repair services
Payment at the time of service (Laker Bakery) - Answer September 4: cash down,
expense up (SE Down)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LucieLucky. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
