Waec Model Questions Vol1 2018 Financial Accounting Question 15

Practice objective / multiple choice question 15 from the 2018 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2018 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 15 WAEC_MODEL_QUESTIONS_VOL1 • 2018 • FINANCIAL_ACCOUNTING • objective

A business purchased a computer for ₦250,000 on credit from XYZ Ltd. The payment terms are 30 days. Record the journal entry using double‑entry bookkeeping.

Answer Options

Correct Answer A. Debit Computer Equipment ₦250,000, Credit Accounts Payable - XYZ Ltd ₦250,000
B. Debit Computer Equipment ₦250,000, Credit Cash ₦250,000
C. Debit Computer Equipment ₦200,000, Credit Accounts Payable - XYZ Ltd ₦200,000
D. Debit Office Supplies ₦250,000, Credit Accounts Payable - XYZ Ltd ₦250,000
Correct Answer
A
Correct Option:
Debit Computer Equipment ₦250,000, Credit Accounts Payable - XYZ Ltd ₦250,000

About This Question

This is Waec Model Questions Vol1 2018 Financial Accounting Question 15. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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