An accountant has debited an asset account for $5,000 and credited a revenue account for $10,000. What can be done to complete the recording of the transaction?
A) Nothing further can be done.
B) Credit a shareholders' equity account for $5,000.
C) Debit another asset account for $5,000.
D) Credit another asset account for $5,000.

Question

Quizplus · Accepted Answer

The transaction is not in balance. To balance the transaction, another asset account must be credited for $5,000.

An Accountant Has Debited an Asset Account for $5,000 and Credited