Obligations and debts of a company are referred to as: expenses liabilities assets equities Question 2 (1 point) An accountant has debited an expense account for $4,000 and credited an asset account for $1,000. Which of the following would be the correct way to complete the recording of the transaction? Credit a liability account for $3,000. Debit a shareholders' equity account for $3,000. Credit an asset account for $4,000. Credit a shareholders' equity account for $1,000