Post Utme Al Hikmah University 2024 Accounting Question 36

Practice objective / multiple choice question 36 from the 2024 Post Utme Al Hikmah University Accounting examination.

Post Utme Al Hikmah University 2024 Accounting Objective / Multiple Choice
Question 36 POST_UTME_AL-HIKMAH_UNIVERSITY • 2024 • ACCOUNTING • objective

A company uses the double entry system to record its transactions. The company's trial balance shows a debit balance of ₦15,000 in the account 'Office Equipment' and a credit balance of ₦20,000 in the account 'Depreciation Expense'. What is the correct journal entry to record the depreciation of the office equipment?

Answer Options

A. Debit Office Equipment ₦15,000, Credit Depreciation Expense ₦15,000
Correct Answer B. Debit Depreciation Expense ₦15,000, Credit Office Equipment ₦15,000
C. Debit Office Equipment ₦20,000, Credit Depreciation Expense ₦20,000
D. Debit Depreciation Expense ₦20,000, Credit Office Equipment ₦20,000
Correct Answer
B
Correct Option:
Debit Depreciation Expense ₦15,000, Credit Office Equipment ₦15,000

About This Question

This is Post Utme Al Hikmah University 2024 Accounting Question 36. It is one of the objective questions from the 2024 Post Utme Al Hikmah University Accounting examination.

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