Waec Model Questions Vol1 2023 Financial Accounting Question 4

Practice objective / multiple choice question 4 from the 2023 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2023 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 4 WAEC_MODEL_QUESTIONS_VOL1 • 2023 • FINANCIAL_ACCOUNTING • objective

A business purchases equipment on credit for ₦25,000. State the journal entry that records this transaction, indicating the accounts affected and whether each is debited or credited.

Answer Options

Correct Answer A. Debit Equipment 25000; Credit Accounts Payable 25000
B. Debit Equipment 25000; Credit Accounts Payable 20000
C. Debit Equipment 25000; Credit Cash 25000
D. Debit Equipment 20000; Credit Accounts Payable 25000
Correct Answer
A
Correct Option:
Debit Equipment 25000; Credit Accounts Payable 25000

About This Question

This is Waec Model Questions Vol1 2023 Financial Accounting Question 4. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

View More Waec Model Questions Vol1 2023 Financial Accounting Questions More Waec Model Questions Vol1 Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support