Post Utme Bowen University 2024 Accounting Question 20

Practice objective / multiple choice question 20 from the 2024 Post Utme Bowen University Accounting examination.

Post Utme Bowen University 2024 Accounting Objective / Multiple Choice
Question 20 POST_UTME_BOWEN_UNIVERSITY • 2024 • ACCOUNTING • objective

A company uses the single-entry system to record its transactions. The company receives rent of ₦20,000 and pays salaries of ₦50,000. What is the correct journal entry to record these transactions?

Answer Options

Correct Answer A. Debit Rent Received ₦20,000, Debit Salaries ₦50,000, Credit Cash ₦70,000
B. Debit Rent Received ₦20,000, Credit Salaries ₦50,000, Debit Cash ₦70,000
C. Debit Rent Received ₦20,000, Credit Salaries ₦50,000, Credit Cash ₦70,000
D. Debit Salaries ₦50,000, Debit Cash ₦70,000, Credit Rent Received ₦20,000
Correct Answer
A
Correct Option:
Debit Rent Received ₦20,000, Debit Salaries ₦50,000, Credit Cash ₦70,000

About This Question

This is Post Utme Bowen University 2024 Accounting Question 20. It is one of the objective questions from the 2024 Post Utme Bowen University Accounting examination.

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