An Accountant Has Debited an Asset Account for $500 and Credited

question 10

Multiple Choice

An accountant has debited an asset account for $500 and credited a revenue account for $1,000. What can be done to complete the recording of the transaction?

• A) Debit another asset account for $500.
• B) Debit a shareholders' equity account for $500.
• C) Nothing further must be done.
• D) Credit a different asset account for $500.

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Definitions:

Office of Management

A governmental department or agency, often at the federal level, responsible for overseeing the administration of policy, budgeting, and organizational management.

Council of Economic Advisers

A group of economists appointed by the President of the United States to provide objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues.

Executive Office

The Executive Office of the President is comprised of the immediate staff of the President, as well as multiple levels of support staff who report directly to the President and are responsible for a wide range of tasks and coordination of national policies.

Constitutional Task

A duty or responsibility that is outlined or mandated by a constitution.