An accountant has debited an account for $3,500 and credited a liability account for $2,000. Which of the following would be an incorrect way to complete the recording of this transaction?
credit another asset account for $1,500
credit another liability account for $1,500
debit another asset account for $1,500
credit the owner's capital account for $1,500
The solution explains how to correct a transaction which is recorded incorrectly.