question archive An accountant has debited an asset account for $1,000 and credited a liability account for 500 What can be done to complete the content of them Nothing further must be done 1
An accountant has debited an asset account for $1,000 and credited a liability account for 500 What can be done to complete the content of them Nothing further must be done 1
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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 content of them Nothing further must be done 1. Debit an owner's equity account for $500 Debit another asset account for $500 d Credit a different asset account for $500
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Accounting equation, Assets = Equity + Liabilities |
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As per the above equation, Equity should be credited by $1000 or asset should be debited by $1000. |
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Credit a different asset account for $500 (After this total Assets account reduce by $500) |
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Option D is correct |
