Post Utme Afe Babalola University 2023 Accounting Question 33

Practice objective / multiple choice question 33 from the 2023 Post Utme Afe Babalola University Accounting examination.

Post Utme Afe Babalola University 2023 Accounting Objective / Multiple Choice
Question 33 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2023 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦150,000 on credit, sold goods for ₦200,000 on credit, and paid cash of ₦30,000. Prepare the journal entry for the above transactions.

Answer Options

Correct Answer A. Debit Cash ₦30,000, Credit Accounts Payable ₦150,000, Debit Sales ₦200,000, Credit Cost of Goods Sold ₦150,000
B. Debit Cash ₦30,000, Credit Accounts Receivable ₦200,000, Debit Cost of Goods Sold ₦150,000, Credit Purchases ₦150,000
C. Debit Accounts Payable ₦150,000, Credit Purchases ₦150,000, Debit Sales ₦200,000, Credit Cost of Goods Sold ₦150,000
D. Debit Cash ₦30,000, Credit Accounts Receivable ₦200,000, Debit Purchases ₦150,000, Credit Cost of Goods Sold ₦150,000
Correct Answer
A
Correct Option:
Debit Cash ₦30,000, Credit Accounts Payable ₦150,000, Debit Sales ₦200,000, Credit Cost of Goods Sold ₦150,000

About This Question

This is Post Utme Afe Babalola University 2023 Accounting Question 33. It is one of the objective questions from the 2023 Post Utme Afe Babalola University Accounting examination.

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