Waec Model Questions Vol1 2021 Financial Accounting Question 25
Practice objective / multiple choice question 25 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
A cash receipt of ₦30,000 from a customer was recorded as a debit to Cash and a credit to Sales Revenue of only ₦25,000; the remaining ₦5,000 credit entry was omitted. Consequently, the trial balance shows total debits exceeding total credits by ₦5,000, and a suspense account with a credit balance of ₦5,000 was created. What journal entry should be passed to clear the suspense account, and what are the corrected balances of Cash and Sales Revenue after the adjustment?
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About This Question
This is Waec Model Questions Vol1 2021 Financial Accounting Question 25. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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