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Which would be an incorrect way to complete the recording

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Problem 1: An accountant has debited an asset account for $1,000 and credited a liability account for $500. Which of the following would be an incorrect way to complete the recording of the transaction?

a. Credit a shareholders' equity account for $500.

b. Credit an asset account for $500.

c. Credit another liability account for $500.

d. Debit a shareholders' equity account for $500.

Problem 2: Which one of the following is not a part of an account?

a. Trial balance

b. Title

c. Credit side

d. Debit side

Problem 3: If total liabilities decreased by $5,000, then

a. assets and shareholders' equity must have each increased by $3000.

b. shareholders' equity must have increased by $5,000.

c. assets must have decreased by $5,000.

d. assets must have decreased by $5,000, or shareholders' equity have increased by $5,000.

Reference no: EM132835577

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