Post Utme Al Hikmah University 2024 Accounting Question 14

Practice objective / multiple choice question 14 from the 2024 Post Utme Al Hikmah University Accounting examination.

Post Utme Al Hikmah University 2024 Accounting Objective / Multiple Choice
Question 14 POST_UTME_AL-HIKMAH_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance as of December 31, 2023, is as follows: Accounts Payable ₦50,000, Common Stock ₦100,000, Retained Earnings ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦100,000. Prepare the adjusting entries for the following: (a) depreciation of office equipment, (b) unearned revenue.

Answer Options

A. Debit Office Equipment ₦10,000, Credit Depreciation Expense ₦10,000
B. Debit Unearned Revenue ₦50,000, Credit Sales Revenue ₦50,000
Correct Answer C. Debit Depreciation Expense ₦10,000, Credit Accumulated Depreciation ₦10,000
D. Debit Accounts Payable ₦50,000, Credit Common Stock ₦50,000
Correct Answer
C
Correct Option:
Debit Depreciation Expense ₦10,000, Credit Accumulated Depreciation ₦10,000

About This Question

This is Post Utme Al Hikmah University 2024 Accounting Question 14. It is one of the objective questions from the 2024 Post Utme Al Hikmah University Accounting examination.

View More Post Utme Al Hikmah University 2024 Accounting Questions More Post Utme Al Hikmah University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support