Waec Model Questions Vol1 2018 Financial Accounting Question 1

Practice objective / multiple choice question 1 from the 2018 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2018 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 1 WAEC_MODEL_QUESTIONS_VOL1 • 2018 • FINANCIAL_ACCOUNTING • objective

A cash sale of ₦150,000 was made on credit to a customer. Record the transaction using the double‑entry system.

Answer Options

A. Debit Debtors ₦150,000; Credit Sales Revenue ₦140,000
Correct Answer B. Debit Debtors ₦150,000; Credit Sales Revenue ₦150,000
C. Debit Debtors ₦150,000; Credit Sales Revenue ₦150,000; Credit VAT Payable ₦15,000
D. Debit Cash ₦150,000; Credit Sales Revenue ₦150,000
Correct Answer
B
Correct Option:
Debit Debtors ₦150,000; Credit Sales Revenue ₦150,000

About This Question

This is Waec Model Questions Vol1 2018 Financial Accounting Question 1. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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