An Accountant Has Debited an Asset Account for $1,000 and Credited

question 88

Multiple Choice

An accountant has debited an asset account for $1,000 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 an owner's equity account for $500.
• C) Debit another asset account for $500.
• D) Credit a different asset account for $500.

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Definitions:

Irrational Beliefs

Ideas or thoughts that are not based on reality or logical reasoning, often leading to negative emotional outcomes.

Approach-Approach

A conflict situation where a person must choose between two desirable options.

Inner Conflict

Conflict within an individual; it might involve values, loyalties, or priorities; the pressure you feel when you are forced to make a choice.

Hardy Personality

A resilient personality type, characterized by the ability to meet challenges, a sense of commitment, and a feeling of being in control of life.