Agworth Company debited an asset account for $1,300 and credited a liability account for $600. Which of the following would be an incorrect way to complete the recording of the transaction?
A) Credit an asset account for $700.
B) Credit another liability account for $700.
C) Credit an owner's equity account for $700.
D) Debit an owner's equity account for $700.
Correct Answer:
Verified
Q126: An account is an individual accounting record
Q140: Which of the following rules is incorrect?
A)
Q145: The entire group of accounts maintained by
Q146: The chart of accounts is a
A) list
Q147: An awareness of the normal balances of
Q148: At December 1, 2020, Dubois Company's accounts
Q151: During February 2020, its first month of
Q152: A numbering system for a chart of
Q153: At January 31, 2020, the balance in
Q154: When Accounts Receivable account is debited, it
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