Post Utme Afe Babalola University 2017 Accounting Question 33

Practice objective / multiple choice question 33 from the 2017 Post Utme Afe Babalola University Accounting examination.

Post Utme Afe Babalola University 2017 Accounting Objective / Multiple Choice
Question 33 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2017 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦50,000 in the accounts payable account. However, the company's ledger shows a credit balance of ₦20,000 in the accounts payable account. What is the correct journal entry to correct this discrepancy?

Answer Options

A. ₦20,000 debit to accounts payable and ₦20,000 credit to cash
B. ₦30,000 debit to accounts payable and ₦30,000 credit to cash
Correct Answer C. ₦50,000 debit to accounts payable and ₦50,000 credit to cash
D. ₦20,000 debit to accounts payable and ₦30,000 credit to cash
Correct Answer
C
Correct Option:
₦50,000 debit to accounts payable and ₦50,000 credit to cash

About This Question

This is Post Utme Afe Babalola University 2017 Accounting Question 33. It is one of the objective questions from the 2017 Post Utme Afe Babalola University Accounting examination.

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