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Accounting Question - Urgent Help!?
An accountant has debited an account for $4,200 and credited a liability account for $2,200. Which of the following would be an incorrect way to complete the recording of this transaction?
a) Credit an expense account for $2,000.
b) Debit another asset account for $2,000.
c) Credit another liability account for $2,000.
d) Credit another asset account for $2,000.
e) Credit the owner's capital account for $2,000.
2 Answers
- ?Lv 710 years agoFavorite Answer
An accountant has debited an account for $4,200 and credited a liability account for $2,200. Which of the following would be an incorrect way to complete the recording of this transaction?
Dr 4,200
Cr 2,200
Cr 2,000
Debits = Credits
b) Debit another asset account for $2,000.
Source(s): Accounting Fan - 10 years ago
Credit another asset account for $2,000. This may reflect a transaction like, bought a motor vehicle for $4,200, $2,000 paid by cash and the remaining on account.
Source(s): academiametoring yahoo group
