Post Utme Babcock University 2022 Accounting Question 14

Practice objective / multiple choice question 14 from the 2022 Post Utme Babcock University Accounting examination.

Post Utme Babcock University 2022 Accounting Objective / Multiple Choice
Question 14 POST_UTME_BABCOCK_UNIVERSITY • 2022 • ACCOUNTING • objective

A company's financial statements show the following balances: Accounts Receivable ₦300,000, Sales Revenue ₦600,000, and Net Income ₦200,000. What is the correct journal entry to record the collection of accounts receivable?

Answer Options

Correct Answer A. ₦300,000 debit to Accounts Receivable and ₦300,000 credit to Cash
B. ₦300,000 debit to Cash and ₦300,000 credit to Accounts Receivable
C. ₦300,000 debit to Accounts Receivable and ₦300,000 credit to Retained Earnings
D. ₦300,000 debit to Cash and ₦300,000 credit to Retained Earnings
Correct Answer
A
Correct Option:
₦300,000 debit to Accounts Receivable and ₦300,000 credit to Cash

About This Question

This is Post Utme Babcock University 2022 Accounting Question 14. It is one of the objective questions from the 2022 Post Utme Babcock University Accounting examination.

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