Post Utme Abu 2022 Accounting Question 31

Practice objective / multiple choice question 31 from the 2022 Post Utme Abu Accounting examination.

Post Utme Abu 2022 Accounting Objective / Multiple Choice
Question 31 POST_UTME_ABU • 2022 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦500,000 in the account 'Rent Received' and a credit balance of ₦200,000 in the account 'Rent Paid'. What is the correct journal entry to correct this error?

Answer Options

Correct Answer A. ₦300,000 debit to Rent Paid and ₦300,000 credit to Rent Received
B. ₦700,000 debit to Rent Received and ₦500,000 credit to Rent Paid
C. ₦200,000 debit to Rent Paid and ₦200,000 credit to Rent Received
D. ₦500,000 debit to Rent Paid and ₦300,000 credit to Rent Received
Correct Answer
A
Correct Option:
₦300,000 debit to Rent Paid and ₦300,000 credit to Rent Received

About This Question

This is Post Utme Abu 2022 Accounting Question 31. It is one of the objective questions from the 2022 Post Utme Abu Accounting examination.

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