Waec Model Questions Vol1 2024 Financial Accounting Question 3

Practice objective / multiple choice question 3 from the 2024 Waec Model Questions Vol1 Financial Accounting examination.

Waec Model Questions Vol1 2024 Financial Accounting Objective / Multiple Choice Easy Difficulty
Question 3 WAEC_MODEL_QUESTIONS_VOL1 • 2024 • FINANCIAL_ACCOUNTING • objective

On 1 March a business bought inventory on credit for ₦45,000. On 15 March it paid the supplier and received a cash discount of 2 % for early payment. Record the journal entry for the payment.

Answer Options

A. Debit Accounts Payable ₦45,000; Credit Cash ₦44,000; Credit Purchase Discounts Received ₦1,000
B. Debit Accounts Payable ₦45,000; Credit Cash ₦45,000; Credit Purchase Discounts Received ₦0
Correct Answer C. Debit Accounts Payable ₦45,000; Credit Cash ₦44,100; Credit Purchase Discounts Received ₦900
D. Debit Accounts Payable ₦45,000; Credit Cash ₦44,550; Credit Purchase Discounts Received ₦450
Correct Answer
C
Correct Option:
Debit Accounts Payable ₦45,000; Credit Cash ₦44,100; Credit Purchase Discounts Received ₦900

About This Question

This is Waec Model Questions Vol1 2024 Financial Accounting Question 3. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Financial Accounting examination.

Difficulty level: Easy .

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