Post Utme Al Hikmah University 2017 Accounting Question 1

Practice objective / multiple choice question 1 from the 2017 Post Utme Al Hikmah University Accounting examination.

Post Utme Al Hikmah University 2017 Accounting Objective / Multiple Choice
Question 1 POST_UTME_AL-HIKMAH_UNIVERSITY • 2017 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦1,500 in the account 'Rent Received' and a credit balance of ₦1,200 in the account 'Rent Paid'. What is the correct journal entry to record the correction of this error?

Answer Options

A. Debit Rent Paid ₦300, Credit Rent Received ₦300
Correct Answer B. Debit Rent Paid ₦300, Credit Rent Received ₦300 and Debit Profit and Loss ₦300
C. Debit Rent Paid ₦300, Credit Rent Received ₦300 and Credit Profit and Loss ₦300
D. Debit Rent Paid ₦300, Credit Rent Received ₦300 and Debit Rent Received ₦300
Correct Answer
B
Correct Option:
Debit Rent Paid ₦300, Credit Rent Received ₦300 and Debit Profit and Loss ₦300

About This Question

This is Post Utme Al Hikmah University 2017 Accounting Question 1. It is one of the objective questions from the 2017 Post Utme Al Hikmah University Accounting examination.

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