Post Utme Afe Babalola University 2019 Accounting Question 10

Practice objective / multiple choice question 10 from the 2019 Post Utme Afe Babalola University Accounting examination.

Post Utme Afe Babalola University 2019 Accounting Objective / Multiple Choice
Question 10 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦20,000 in the account 'Accrued Expenses' and a credit balance of ₦15,000 in the account 'Accrued Income'. What is the correct journal entry to rectify this discrepancy?

Answer Options

A. ₦5,000 debit to Accrued Expenses and ₦5,000 credit to Accrued Income
Correct Answer B. ₦5,000 debit to Accrued Income and ₦5,000 credit to Accrued Expenses
C. ₦10,000 debit to Accrued Expenses and ₦10,000 credit to Accrued Income
D. ₦10,000 debit to Accrued Income and ₦10,000 credit to Accrued Expenses
Correct Answer
B
Correct Option:
₦5,000 debit to Accrued Income and ₦5,000 credit to Accrued Expenses

About This Question

This is Post Utme Afe Babalola University 2019 Accounting Question 10. It is one of the objective questions from the 2019 Post Utme Afe Babalola University Accounting examination.

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