A Bookkeeper Has Debited an Asset Account for $3,500 and Credited

question 152

Multiple Choice

A bookkeeper has debited an asset account for $3,500 and credited a liability account for $2,000.Which of the following would be an incorrect way to complete the recording of this transaction:

• A)Credit another asset account for $1,500.
• B)Credit another liability account for $1,500.
• C)Credit a revenue account for $1,500.
• D)Credit the common stock account for $1,500.
• E)Debit another asset account for $1,500.

Comprehend the process and importance of issuing RFQs and RFPs in procurement.

Learn the various aspects and considerations in outsourcing project work.

Understand the importance of qualification and performance history of suppliers for project success.

Grasp the significance of payment schedules and clauses in vendor and supplier contracts.

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Definitions:

Unit Product Cost

The cost computed for a single unit, encompassing all direct materials, direct labor, and both variable and fixed overheads.

Break-Even

A situation where cumulative expenses and revenues balance out, leaving no profit or loss.

Sales Dollars

The total revenue generated from goods or services sold by a company, measured in dollars.

Common Fixed Expenses

Expenses that do not vary with production volume and are shared across different segments or products of a business.