Post Utme Afe Babalola University 2023 Accounting Question 36

Practice objective / multiple choice question 36 from the 2023 Post Utme Afe Babalola University Accounting examination.

Post Utme Afe Babalola University 2023 Accounting Objective / Multiple Choice
Question 36 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2023 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦200,000 on credit, and then sold goods for ₦300,000 on credit. Prepare the journal entry for the above transactions.

Answer Options

Correct Answer A. Debit Accounts Payable ₦200,000, Credit Purchases ₦200,000, Debit Sales ₦300,000, Credit Accounts Receivable ₦300,000
B. Debit Accounts Payable ₦200,000, Credit Purchases ₦200,000, Debit Sales ₦300,000, Credit Accounts Receivable ₦300,000
C. Debit Accounts Payable ₦200,000, Credit Purchases ₦200,000, Debit Sales ₦300,000, Credit Accounts Receivable ₦300,000
D. Debit Accounts Payable ₦200,000, Credit Purchases ₦200,000, Debit Sales ₦300,000, Credit Accounts Receivable ₦300,000
Correct Answer
A
Correct Option:
Debit Accounts Payable ₦200,000, Credit Purchases ₦200,000, Debit Sales ₦300,000, Credit Accounts Receivable ₦300,000

About This Question

This is Post Utme Afe Babalola University 2023 Accounting Question 36. It is one of the objective questions from the 2023 Post Utme Afe Babalola University Accounting examination.

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