An Accountant Has Debited an Asset Account for $1,200 and Credited

question 6

Multiple Choice

An accountant has debited an asset account for $1,200 and credited a liability account for $500. What can be done to complete the recording of the transaction?

• A) Nothing further must be done.
• B) Debit a Stockholders' equity account for $700.
• C) Debit another asset account for $700.
• D) Credit a different asset account for $700.

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