Post Utme Bells University 2023 Accounting Question 21

Practice objective / multiple choice question 21 from the 2023 Post Utme Bells University Accounting examination.

Post Utme Bells University 2023 Accounting Objective / Multiple Choice
Question 21 POST_UTME_BELLS_UNIVERSITY • 2023 • ACCOUNTING • objective

A company's trial balance shows an error of ₦5,000 due to an incorrect posting of a debit entry. The correct entry should have been a credit of ₦5,000. What is the correct journal entry to rectify this error?

Answer Options

A. Debit Cash ₦5,000, Credit Profit and Loss ₦5,000
Correct Answer B. Debit Profit and Loss ₦5,000, Credit Cash ₦5,000
C. Debit Profit and Loss ₦5,000, Credit Capital ₦5,000
D. Debit Capital ₦5,000, Credit Profit and Loss ₦5,000
Correct Answer
B
Correct Option:
Debit Profit and Loss ₦5,000, Credit Cash ₦5,000

About This Question

This is Post Utme Bells University 2023 Accounting Question 21. It is one of the objective questions from the 2023 Post Utme Bells University Accounting examination.

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