Post Utme Bells University 2022 Accounting Question 10

Practice objective / multiple choice question 10 from the 2022 Post Utme Bells University Accounting examination.

Post Utme Bells University 2022 Accounting Objective / Multiple Choice
Question 10 POST_UTME_BELLS_UNIVERSITY • 2022 • ACCOUNTING • objective

A company has the following transactions: Purchase of equipment for ₦50,000, Sale of goods for ₦30,000, Purchase of goods for ₦20,000. Prepare the journal entries for these transactions.

Answer Options

Correct Answer A. Debit Equipment = ₦50,000, Credit Cash = ₦50,000; Debit Sales = ₦30,000, Credit Cash = ₦30,000; Debit Purchases = ₦20,000, Credit Cash = ₦20,000
B. Debit Equipment = ₦50,000, Credit Cash = ₦50,000; Debit Sales = ₦30,000, Credit Cash = ₦30,000; Debit Purchases = ₦20,000, Credit Cash = ₦20,000
C. Debit Equipment = ₦50,000, Credit Cash = ₦50,000; Debit Sales = ₦30,000, Credit Cash = ₦30,000; Debit Purchases = ₦20,000, Credit Cash = ₦20,000
D. Debit Equipment = ₦50,000, Credit Cash = ₦50,000; Debit Sales = ₦30,000, Credit Cash = ₦30,000; Debit Purchases = ₦20,000, Credit Cash = ₦20,000
Correct Answer
A
Correct Option:
Debit Equipment = ₦50,000, Credit Cash = ₦50,000; Debit Sales = ₦30,000, Credit Cash = ₦30,000; Debit Purchases = ₦20,000, Credit Cash = ₦20,000

About This Question

This is Post Utme Bells University 2022 Accounting Question 10. It is one of the objective questions from the 2022 Post Utme Bells University Accounting examination.

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