Post Utme Bowen University 2017 Accounting Question 36

Practice objective / multiple choice question 36 from the 2017 Post Utme Bowen University Accounting examination.

Post Utme Bowen University 2017 Accounting Objective / Multiple Choice
Question 36 POST_UTME_BOWEN_UNIVERSITY • 2017 • ACCOUNTING • objective

A company's trial balance showed an error of ₦50,000 in the accounts payable account. The correct balance should be ₦150,000. Prepare the necessary journal entry to correct the error.

Answer Options

Correct Answer A. Debit Accounts Payable ₦50,000, Credit Cash ₦50,000
B. Debit Accounts Payable ₦50,000, Credit Bank Loan ₦50,000
C. Debit Accounts Payable ₦50,000, Credit Retained Earnings ₦50,000
D. Debit Accounts Payable ₦50,000, Credit Dividends ₦50,000
Correct Answer
A
Correct Option:
Debit Accounts Payable ₦50,000, Credit Cash ₦50,000

About This Question

This is Post Utme Bowen University 2017 Accounting Question 36. It is one of the objective questions from the 2017 Post Utme Bowen University Accounting examination.

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