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

Question

Quizplus · Accepted Answer

The transaction is not complete because the total debits do not equal the total credits. To complete the transaction, the accountant must debit an owner's equity account for $500.

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