An accountant has debited an asset account for $980 and credited a liability account for $490. What can be done to complete the recording of the transaction? Debit another asset account for $490. Nothing further must be done. Debit a stockholders’ equity account for $490. Credit a different asset account for $490.

Gideon company uses the allowance method of accounting for uncollectible accounts. on may 3, the gideon company wrote off the $2,000 uncollectible account of its customer, a. hopkins. on july 10, gideon received a check for the full amount of $2,000 from hopkins. on july 10, the entry or entries gideon makes to record the recovery of the bad debt is