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

Question

Quizplus · Accepted Answer

To balance the transaction, another $500 credit is needed. Crediting a different asset account for $500 will balance the $1,000 debit to the asset account.

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