An Accountant Has Debited an Account for $3,500 and Credited

question 22

Multiple Choice

An accountant has debited an 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 asset account for $1,500.
• B) Credit another liability account for $1,500.
• C) Credit an expense account for $1,500.
• D) Credit the owner's capital account for $1,500.
• E) Debit another asset account for $1,500.

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Definitions:

National Education Association

The largest professional interest group in the United States that represents public school teachers and other support personnel, faculty and staffers at colleges and universities, retired educators, and college students preparing to become teachers.

Union Membership

The state of being a member of a labor union, which represents workers' interests in negotiations with employers.

Labor Force

The total number of people who are employed or actively looking for employment.

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An economy that is primarily based on the production and export of manufactured goods.