Waec Model Questions Vol1 2021 Financial Accounting Question 20

Practice objective / multiple choice question 20 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2021 Financial Accounting Objective / Multiple Choice Easy Difficulty

Question 20 WAEC_MODEL_QUESTIONS_VOL1 • 2021 • FINANCIAL_ACCOUNTING • objective

The owner invested ₦80,000 cash and equipment valued at ₦120,000 into the business. Record the journal entry for this transaction using the double‑entry system.

Answer Options

A. Debit Cash 80,000; Debit Equipment 120,000; Credit Owner's Capital 180,000

B. Debit Cash 100,000; Debit Equipment 120,000; Credit Owner's Capital 220,000

C. Debit Cash 80,000; Credit Equipment 120,000; Credit Owner's Capital 200,000

Correct Answer D. Debit Cash 80,000; Debit Equipment 120,000; Credit Owner's Capital 200,000

Correct Answer

Correct Option:

Debit Cash 80,000; Debit Equipment 120,000; Credit Owner's Capital 200,000

About This Question

This is Waec Model Questions Vol1 2021 Financial Accounting Question 20. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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