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.

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Definitions:

Opportunistically

Acting Opportunistically means taking advantage of situations with little regard for principles or consequences, often seeking to benefit at the expense of others.

Market Signal

Information or indicators that guide economic agents in making decisions about buying, selling, entering, or exiting markets based on current or future trends and conditions.

Productive Individuals

Individuals who contribute positively to economic, cultural, or social processes through their work or creativity.

Work Place

A location where people are employed and engage in various activities to earn a living.