Final answer:
Three incorrect ways to complete the recording are by debiting an expense account for $1,000, crediting an equity account for $1,500, and debiting a revenue account for $3,000. The correct way is to credit an asset account for $2,000, balancing the debits and credits as per double-entry bookkeeping.
Step-by-step explanation:
The question relates to accounting principles, specifically the double-entry bookkeeping system where every transaction affects at least two accounts. If a bookkeeper has debited an asset account for $4,500 and credited a liability account for $2,500, we need to find how to correctly balance the transaction. According to the principles of double entry, the sum of debits must equal the sum of credits for each transaction. This means we have to find an additional $2,000 ($4,500 - $2,500) to balance the transaction.
Assessing the given options:
- Debiting an expense account for $1,000 does not balance the transaction as it creates an additional $1,000 on the debit side, making the discrepancy $3,000 ($2,000 + $1,000).
- Crediting an equity account for $1,500 is also incorrect because it still leaves a $500 discrepancy on the debit side.
- Debiting a revenue account for $3,000 is incorrect as it increases the debit side imbalance to $5,000.
- Crediting an asset account for $2,000 correctly balances the transaction because it adds $2,000 to the credit side, equalling out the debits and credits.
Therefore, the incorrect ways to complete the recording of this transaction are by debiting an expense account for $1,000, crediting an equity account for $1,500, or debiting a revenue account for $3,000. The correct way would be to credit an asset account for $2,000 to balance the double-entry system.