Post Utme Achievers University 2021 Accounting Question 1

Practice objective / multiple choice question 1 from the 2021 Post Utme Achievers University Accounting examination.

Post Utme Achievers University 2021 Accounting Objective / Multiple Choice
Question 1 POST_UTME_ACHIEVERS_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to record the correction of this error?

Answer Options

A. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
Correct Answer B. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
C. ₦10,000 debit to Rent Paid and ₦10,000 credit to Rent Received
D. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid
Correct Answer
B
Correct Option:
₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid

About This Question

This is Post Utme Achievers University 2021 Accounting Question 1. It is one of the objective questions from the 2021 Post Utme Achievers University Accounting examination.

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