Waec Model Questions Vol1 2018 Financial Accounting Question 22

Practice objective / multiple choice question 22 from the 2018 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2018 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 22 WAEC_MODEL_QUESTIONS_VOL1 • 2018 • FINANCIAL_ACCOUNTING • objective

On 1 March a business purchased office equipment for ₦150,000 cash and incurred a service fee of ₦5,000 that will be paid later. Record the journal entry for these transactions.

Answer Options

Correct Answer A. Debit Office Equipment ₦150,000; Debit Service Expense ₦5,000; Credit Cash ₦150,000; Credit Accounts Payable ₦5,000
B. Debit Office Equipment ₦150,000; Credit Service Expense ₦5,000; Credit Cash ₦150,000; Credit Accounts Payable ₦5,000
C. Debit Office Equipment ₦150,000; Debit Service Expense ₦5,000; Credit Cash ₦145,000; Credit Accounts Payable ₦10,000
D. Debit Office Equipment ₦150,000; Debit Service Expense ₦5,000; Credit Cash ₦155,000; Credit Accounts Payable ₦0
Correct Answer
A
Correct Option:
Debit Office Equipment ₦150,000; Debit Service Expense ₦5,000; Credit Cash ₦150,000; Credit Accounts Payable ₦5,000

About This Question

This is Waec Model Questions Vol1 2018 Financial Accounting Question 22. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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