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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? O Nothing further must be done.

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? O Nothing further must be done.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 25?
med revenue 3,000 O a. A company borrowed $3,000 from a bank. O b.A company purchased services from another company. O c. A company received $3,000 from a customer for future services O d.A company sold $3,000 ofservices to a customer QUESTION 25 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? O Nothing further must be done. O Debit an owners' equity account for $500. O Debit another asset account for $500. O Credit a different asset account for $500. QUESTION 26 Why are revenues increased with a credit? O a. The statement is wrong: revenues are debited. Click Save and Submit to save and submit. Click Save All Answers to save all answers. DD
Transcribed Image Text:med revenue 3,000 O a. A company borrowed $3,000 from a bank. O b.A company purchased services from another company. O c. A company received $3,000 from a customer for future services O d.A company sold $3,000 ofservices to a customer QUESTION 25 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? O Nothing further must be done. O Debit an owners' equity account for $500. O Debit another asset account for $500. O Credit a different asset account for $500. QUESTION 26 Why are revenues increased with a credit? O a. The statement is wrong: revenues are debited. Click Save and Submit to save and submit. Click Save All Answers to save all answers. DD
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