A Bookkeeper Has Debited an Asset Account for $3,500 and Credited

question 222

Multiple Choice

A bookkeeper has debited an asset account for $3,500 and credited a liability account for $2,000. Which of the following would be an incorrect way to complete the recording of this transaction:

• A) Credit another liability account for $1,500.
• B) Credit another asset account for $1,500.
• C) Credit the owner's capital account for $1,500.
• D) Credit a revenue account for $1,500.
• E) Debit another asset account for $1,500.

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Definitions:

Federal Sentencing Guidelines

A set of regulations that determine the punishment for individuals and organizations convicted of federal crimes, encouraging ethical behavior through penalties.

Consumer Misconduct

Any behavior by consumers that is unethical or illegal, including fraud and deceit in the marketplace.

Business Misconduct

Inappropriate, unethical, or illegal actions conducted by individuals or entities in the context of their business operations.

Business Ethics

The principles and standards that determine acceptable conduct in business organizations.