Post Utme Al Hikmah University 2024 Accounting Question 39

Practice objective / multiple choice question 39 from the 2024 Post Utme Al Hikmah University Accounting examination.

Post Utme Al Hikmah University 2024 Accounting Objective / Multiple Choice
Question 39 POST_UTME_AL-HIKMAH_UNIVERSITY • 2024 • ACCOUNTING • objective

A company uses the single entry system to record its transactions. The company's ledger shows a debit balance of ₦30,000 in the account 'Office Equipment' and a debit 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 ₦30,000, Credit Depreciation Expense ₦30,000
B. Debit Depreciation Expense ₦30,000, Credit Office Equipment ₦30,000
Correct Answer C. Debit Office Equipment ₦20,000, Credit Depreciation Expense ₦20,000
D. Debit Depreciation Expense ₦20,000, Credit Office Equipment ₦20,000
Correct Answer
C
Correct Option:
Debit Office Equipment ₦20,000, Credit Depreciation Expense ₦20,000

About This Question

This is Post Utme Al Hikmah University 2024 Accounting Question 39. 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