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.
Correct Answer:

Verified
Correct Answer:
Verified
Q35: Business documents can provide evidence that a
Q103: A classmate is considering dropping his accounting
Q104: The first step in designing a computerized
Q152: The general rules of debit and credit,
Q153: The first step in posting involves<br>A) entering
Q155: Which of the following statements is not
Q157: A debit is not the normal balance
Q160: A general ledger should be arranged in
Q180: The ledger is merely a bookkeeping device
Q199: A trial balance will not balance if<br>A)