An accountant has debited an asset account for $900 and credited a liability account for $600.What can be done to complete the recording of the transaction?
A) Debit a stockholders' equity account for $300.
B)Debit another asset account for $300.
C)Credit a different asset account for $300.
D)Nothing further must be done.

Question

An accountant has debited an asset account for $900 and credited a liability account for $600.What can be done to complete the recording of the transaction? 
A) Debit a stockholders' equity account for $300.
B)Debit another asset account for $300.
C)Credit a different asset account for $300.
D)Nothing further must be done.

Quizplus · Accepted Answer

To balance the accounting equation, an additional credit of $300 is needed. Crediting a different asset account for $300 will achieve this balance.

An Accountant Has Debited an Asset Account for $900 and Credited