An Accountant Has Debited an Asset Account for $5,000 and Credited

question 44

Multiple Choice

An accountant has debited an asset account for $5,000 and credited a revenue account for $10,000. What can be done to complete the recording of the transaction?

• A) Nothing further can be done.
• B) Credit a shareholders' equity account for $5,000.
• C) Debit another asset account for $5,000.
• D) Credit another asset account for $5,000.

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Definitions:

Growth Pattern

The specific way in which an economic entity or biological organism grows over time, often analyzed to predict future developments.

Deforestation

The clearing or removal of forests or trees from land which is then converted to non-forest use.

Fishery Collapse

A situation where fish populations decline to unsustainable levels, leading to a significant reduction or cessation of fishing activities in the affected area.

Property Rights

Legal rights to possess, use, and dispose of assets including real estate, personal property, and intellectual property.