Post Utme Afe Babalola University 2019 Accounting Question 39

Practice objective / multiple choice question 39 from the 2019 Post Utme Afe Babalola University Accounting examination.

Post Utme Afe Babalola University 2019 Accounting Objective / Multiple Choice
Question 39 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's balance sheet showed a current liability of ₦ 50,000. The company's trial balance showed a credit balance of ₦ 50,000 in the account 'Bank Loan'. What is the correct journal entry to correct this error?

Answer Options

A. Debit Bank Loan ₦ 50,000
B. Credit Bank Loan ₦ 50,000
C. Debit Bank Loan ₦ 50,000, Credit Bank Loan ₦ 50,000
Correct Answer D. Credit Bank Loan ₦ 50,000, Debit Bank Loan ₦ 50,000
Correct Answer
D
Correct Option:
Credit Bank Loan ₦ 50,000, Debit Bank Loan ₦ 50,000

About This Question

This is Post Utme Afe Babalola University 2019 Accounting Question 39. It is one of the objective questions from the 2019 Post Utme Afe Babalola University Accounting examination.

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