An Accountant Has Debited an Asset Account for $1,300 and Credited

question 97

Multiple Choice

An accountant has debited an asset account for $1,300 and credited a liability account for $500. Which of the following would be an incorrect way to complete the recording of the transaction?

• A) Credit an asset account for $800.
• B) Credit another liability account for $800.
• C) Credit a Stockholders' account for $800.
• D) Debit a Stockholders' account for $800.

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Definitions:

Unpaid Workers

Individuals who work without receiving monetary compensation, often contributing to family businesses or performing household tasks.

Bureau of Labor Statistics

A federal agency that provides critical economic data, including unemployment rates, job growth, and wage trends to guide government policy and inform the public.

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A monthly survey conducted by the Bureau of Labor Statistics to assess employment and unemployment levels in the United States.

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The situation where individuals who are willing and able to work cannot find jobs.