Post Utme Achievers University 2022 Accounting Question 34

Practice objective / multiple choice question 34 from the 2022 Post Utme Achievers University Accounting examination.

Post Utme Achievers University 2022 Accounting Objective / Multiple Choice
Question 34 POST_UTME_ACHIEVERS_UNIVERSITY • 2022 • ACCOUNTING • objective

A company uses a self-balancing ledger to record its transactions. The ledger contains the following accounts: Cash, Accounts Payable, Sales Revenue, and Cost of Goods Sold. The company's trial balance shows a debit balance of ₦50,000 in the Cash account and a credit balance of ₦30,000 in the Accounts Payable account. What is the correct journal entry to record the sale of goods worth ₦20,000 on credit to a customer?

Answer Options

A. Debit Cash ₦20,000, Credit Sales Revenue ₦20,000
B. Debit Accounts Payable ₦20,000, Credit Sales Revenue ₦20,000
Correct Answer C. Debit Cost of Goods Sold ₦20,000, Credit Sales Revenue ₦20,000
D. Debit Cash ₦20,000, Credit Accounts Payable ₦20,000
Correct Answer
C
Correct Option:
Debit Cost of Goods Sold ₦20,000, Credit Sales Revenue ₦20,000

About This Question

This is Post Utme Achievers University 2022 Accounting Question 34. It is one of the objective questions from the 2022 Post Utme Achievers University Accounting examination.

View More Post Utme Achievers University 2022 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