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

Question

Quizplus · Accepted Answer

To balance the accounting equation, another $500 credit is needed. Crediting a different asset account for $500 will balance the transaction.

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