Waec Model Questions Vol1 2018 Financial Accounting Question 14

Practice objective / multiple choice question 14 from the 2018 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2018 Financial Accounting Objective / Multiple Choice Medium Difficulty
Question 14 WAEC_MODEL_QUESTIONS_VOL1 • 2018 • FINANCIAL_ACCOUNTING • objective

During posting, a purchase of office supplies costing ₦45,000 was mistakenly debited to the Repairs and Maintenance account instead of Office Supplies. The corresponding credit to Cash was correctly posted. After posting, the trial balance shows a debit excess of ₦45,000. Assuming no other errors, how much should be transferred from the Suspense Account to correct the trial balance, and what correcting journal entry should be made?

Answer Options

A. Transfer ₦40,000 from Suspense to Cash; correcting entry: Debit Office Supplies ₦40,000, Credit Repairs and Maintenance ₦40,000, Debit Suspense ₦40,000, Credit Cash ₦40,000
B. Transfer ₦45,000 from Suspense to Cash; correcting entry: Debit Office Supplies ₦45,000, Credit Repairs and Maintenance ₦45,000, Debit Cash ₦45,000, Credit Suspense ₦45,000
Correct Answer C. Transfer ₦45,000 from Suspense to Cash; correcting entry: Debit Office Supplies ₦45,000, Credit Repairs and Maintenance ₦45,000, Debit Suspense ₦45,000, Credit Cash ₦45,000
D. Transfer ₦45,000 from Suspense to Cash; correcting entry: Debit Repairs and Maintenance ₦45,000, Credit Office Supplies ₦45,000, Debit Suspense ₦45,000, Credit Cash ₦45,000
Correct Answer
C
Correct Option:
Transfer ₦45,000 from Suspense to Cash; correcting entry: Debit Office Supplies ₦45,000, Credit Repairs and Maintenance ₦45,000, Debit Suspense ₦45,000, Credit Cash ₦45,000

About This Question

This is Waec Model Questions Vol1 2018 Financial Accounting Question 14. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Medium .

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