Waec Model Questions Vol1 2023 Financial Accounting Question 21

Practice objective / multiple choice question 21 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2023 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 21 WAEC_MODEL_QUESTIONS_VOL1 • 2023 • FINANCIAL_ACCOUNTING • objective

On 1 March a business purchased inventory costing ₦150,000 on credit. On 15 March it paid the supplier and received a cash discount of 2 % for early payment. Record the journal entry made on 15 March.

Answer Options

A. Accounts Payable Dr ₦150,000; Cash Cr ₦146,000; Purchase Discounts Cr ₦4,000
B. Accounts Payable Dr ₦150,000; Cash Cr ₦150,000; Purchase Discounts Cr ₦0
Correct Answer C. Accounts Payable Dr ₦150,000; Cash Cr ₦147,000; Purchase Discounts Cr ₦3,000
D. Accounts Payable Dr ₦150,000; Cash Cr ₦148,500; Purchase Discounts Cr ₦1,500
Correct Answer
C
Correct Option:
Accounts Payable Dr ₦150,000; Cash Cr ₦147,000; Purchase Discounts Cr ₦3,000

About This Question

This is Waec Model Questions Vol1 2023 Financial Accounting Question 21. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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