An accountant has debited an expense account for $1,000 and credited an asset account for $500. Which of the following would be a correct way to complete the recording of the transaction? Select one: O A. Debit an owner's equity account for $500. O B. Debit a liability account for $500. O C. Credit a liability account for $500. O D. Debit an asset account for $500.

An accountant has debited an expense account for $1,000 and credited an asset account for $500. Which of the following would be a correct way to complete the recording of the transaction? Select one: O A. Debit an owner's equity account for $500. O B. Debit a liability account for $500. O C. Credit a liability account for $500. O D. Debit an asset account for $500.

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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