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.
Correct Answer:
Verified
Q48: Which of the following is not true
Q68: Which of the following correctly identifies the
Q69: The double-entry system requires that each transaction
Q70: A T account consists of
A) a title,
Q71: Which pair of accounts follows the rules
Q72: The right side of an account is
A)
Q74: The best interpretation of the word credit
Q77: For the basic accounting equation to stay
Q78: The normal balance of any account is
Q140: Which of the following statements is true?
A)Debits
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents