Post Utme Bowen University 2021 Accounting Question 16

Practice objective / multiple choice question 16 from the 2021 Post Utme Bowen University Accounting examination.

Post Utme Bowen University 2021 Accounting Objective / Multiple Choice
Question 16 POST_UTME_BOWEN_UNIVERSITY • 2021 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to record the correction of this error?

Answer Options

A. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
Correct Answer B. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
C. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid
D. ₦10,000 debit to Rent Paid and ₦10,000 credit to Rent Received
Correct Answer
B
Correct Option:
₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received

About This Question

This is Post Utme Bowen University 2021 Accounting Question 16. It is one of the objective questions from the 2021 Post Utme Bowen University Accounting examination.

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