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

question 156

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 equity account for $500.
• C) Debit another asset account for $500.
• D) Credit a different asset account for $500.