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Which would be correct way to complete the recording

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Reference no: EM132552235

Question 1: An accountant has debited an expense account for $1000 and credited an asset account for $500. Which of the following would be correct way to complete the recording of the transaction?

Option 1: Debit an asset account for $500

Option 2: Credit a liability account for $500

Option 3: Debit an owner's equity account for $500

Option 4: Debit a liability account for $500

Reference no: EM132552235

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