Markk Co. made the following transactions: 1. Payment of a $175 invoice on account. 2. Increase in
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Question:
Markk Co. made the following transactions:
1. | Payment of a $175 invoice on account. | |
2. | Increase in the fair value of a Fair Value-Net Income Investment by $235. | |
3. | Sale on account for $135. | |
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
* $
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2-
3-
4-
5-
6-
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