Post Utme Bowen University 2019 Accounting Question 34

Practice objective / multiple choice question 34 from the 2019 Post Utme Bowen University Accounting examination.

Post Utme Bowen University 2019 Accounting Objective / Multiple Choice
Question 34 POST_UTME_BOWEN_UNIVERSITY • 2019 • ACCOUNTING • objective

A company uses the double entry system of accounting. The company's ledger shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 5,000 | | | Bank | | 10,000 | | Sales | | 20,000 | What is the correct journal entry to close the sales account?

Answer Options

Correct Answer A. Debit Sales ₦20,000, Credit Profit ₦20,000
B. Debit Profit ₦20,000, Credit Sales ₦20,000
C. Debit Sales ₦20,000, Credit Bank ₦20,000
D. Debit Bank ₦20,000, Credit Sales ₦20,000
Correct Answer
A
Correct Option:
Debit Sales ₦20,000, Credit Profit ₦20,000

About This Question

This is Post Utme Bowen University 2019 Accounting Question 34. It is one of the objective questions from the 2019 Post Utme Bowen University Accounting examination.

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