Post Utme Al Hikmah University 2024 Accounting Question 38

Practice objective / multiple choice question 38 from the 2024 Post Utme Al Hikmah University Accounting examination.

Post Utme Al Hikmah University 2024 Accounting Objective / Multiple Choice
Question 38 POST_UTME_AL-HIKMAH_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦50,000 in the account 'Accounts Payable' and a credit balance of ₦60,000 in the account 'Accounts Receivable'. What is the correct journal entry to record the payment of accounts payable?

Answer Options

A. Debit Accounts Payable ₦50,000, Credit Cash ₦50,000
Correct Answer B. Debit Cash ₦50,000, Credit Accounts Payable ₦50,000
C. Debit Accounts Payable ₦60,000, Credit Cash ₦60,000
D. Debit Cash ₦60,000, Credit Accounts Payable ₦60,000
Correct Answer
B
Correct Option:
Debit Cash ₦50,000, Credit Accounts Payable ₦50,000

About This Question

This is Post Utme Al Hikmah University 2024 Accounting Question 38. 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