Question

In: Accounting

Markk Co. made the following transactions: 1. Payment of a $200 invoice on account. 2. Increase...

Markk Co. made the following transactions:

1.		Payment of a $200 invoice on account.
2.		Increase in the fair value of a Fair Value-Net Income Investment by $260.
3.		Sale on account for $120.
4.		Purchase of equipment paid for with $550 cash and a $1,105 note payable.
5.		Increase in the fair value of a Fair Value-OCI Investment by $160.
6.		Repayment of a $1,900 bank loan.

Indicate the effect of each of the transactions on (a) the basic accounting equation and (b) the expanded basic accounting equation.

A)

Assets / Liabilities / Shareholders equity Increase / decrease $

1-

2-

3-

4-

5-

6-

B)

*Assets, expense, gain, liabilities, loss, revenues, other comprehensive income, other comprehensive loss, shareholders equity

*Increase / decrease

* $

1-

2-

3-

4-

5-

6-

Expert Solution

ekkarill92 answered 2 years ago

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Why wouldn't you want to post a payment against an invoice directly to a bank account?

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