Post Utme Al Hikmah University 2021 Accounting Question 12

Practice objective / multiple choice question 12 from the 2021 Post Utme Al Hikmah University Accounting examination.

Post Utme Al Hikmah University 2021 Accounting Objective / Multiple Choice
Question 12 POST_UTME_AL-HIKMAH_UNIVERSITY • 2021 • ACCOUNTING • objective

A company uses the double entry system to record its transactions. If the company purchases office equipment for ₦50,000, and the supplier is paid ₦55,000, what is the journal entry to record the transaction?

Answer Options

Correct Answer A. Debit Office Equipment ₦50,000, Credit Cash ₦55,000
B. Debit Office Equipment ₦55,000, Credit Cash ₦50,000
C. Debit Office Equipment ₦50,000, Credit Accounts Payable ₦55,000
D. Debit Office Equipment ₦55,000, Credit Accounts Payable ₦50,000
Correct Answer
A
Correct Option:
Debit Office Equipment ₦50,000, Credit Cash ₦55,000

About This Question

This is Post Utme Al Hikmah University 2021 Accounting Question 12. It is one of the objective questions from the 2021 Post Utme Al Hikmah University Accounting examination.

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