A bookkeeper has debited an asset account for $3,500 and credited a liability account for $2,000. Which of the following would be an incorrect way to complete the recording of this transaction:
A) Credit another liability account for $1,500.
B) Credit another asset account for $1,500.
C) Credit the owner's capital account for $1,500.
D) Credit a revenue account for $1,500.
E) Debit another asset account for $1,500.

Question

Quizplus · Accepted Answer

Debiting another asset account for $1,500 would not balance the transaction, as it would increase the total debits, making them greater than the total credits.

A Bookkeeper Has Debited an Asset Account for $3,500 and Credited