1. What is the impact on the accounting equation when stock is issued, in exchange for assets?

both sides increase

both sides decrease

only the Asset side changes

neither side changes

2. What is the impact on the accounting equation when a current months utility expense is paid?

Group of answer choices

both sides decrease

both sides increase

only the Asset side changes

neither side changes

3. Which of the following accounts will normally have a debit balance?

Supplies

Common Stock

Fees Earned

Accounts Payable