Waec Model Questions Vol1 2018 Financial Accounting Question 3
Practice objective / multiple choice question 3 from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
The following journal entries were recorded for XYZ Ltd for June: 1. 5 June - Purchases ₦120,000 Dr, Accounts Payable ₦120,000 Cr 2. 10 June - Cash ₦200,000 Dr, Sales ₦200,000 Cr; Cost of Goods Sold ₦140,000 Dr, Inventory ₦140,000 Cr 3. 15 June - Office Supplies ₦30,000 Dr, Accounts Payable ₦30,000 Cr (this entry was omitted) 4. 20 June - Utilities Expense ₦15,000 Dr, Cash ₦15,000 Cr The Office Supplies account had an opening debit balance of ₦45,000 and no other transactions affect it. After correcting the omission, what is the closing debit balance of the Office Supplies account at 30 June?
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About This Question
This is Waec Model Questions Vol1 2018 Financial Accounting Question 3. It is one of the objective questions from the 2018 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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