Post Utme Achievers University 2019 Accounting Question 7

Practice objective / multiple choice question 7 from the 2019 Post Utme Achievers University Accounting examination.

Post Utme Achievers University 2019 Accounting Objective / Multiple Choice
Question 7 POST_UTME_ACHIEVERS_UNIVERSITY • 2019 • ACCOUNTING • objective

A public sector organization has the following transactions during the year: ₦10,000 received from the government for a grant ₦20,000 received from the government for a loan ₦15,000 paid to an employee as salary ₦5,000 paid to a supplier for goods purchased What is the correct journal entry to record the above transactions?

Answer Options

Correct Answer A. ₦10,000 Debit: Grant Received ₦20,000 Credit: Loan Received ₦15,000 Debit: Salary Expense ₦5,000 Credit: Purchase of Goods
B. ₦10,000 Credit: Grant Received ₦20,000 Debit: Loan Received ₦15,000 Credit: Salary Expense ₦5,000 Debit: Purchase of Goods
C. ₦10,000 Credit: Grant Received ₦20,000 Debit: Loan Received ₦15,000 Debit: Salary Expense ₦5,000 Credit: Purchase of Goods
D. ₦10,000 Debit: Grant Received ₦20,000 Credit: Loan Received ₦15,000 Credit: Salary Expense ₦5,000 Debit: Purchase of Goods
Correct Answer
A
Correct Option:
₦10,000 Debit: Grant Received ₦20,000 Credit: Loan Received ₦15,000 Debit: Salary Expense ₦5,000 Credit: Purchase of Goods

About This Question

This is Post Utme Achievers University 2019 Accounting Question 7. It is one of the objective questions from the 2019 Post Utme Achievers University Accounting examination.

View More Post Utme Achievers University 2019 Accounting Questions More Post Utme Achievers University 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