Post Utme Bowen University 2024 Accounting Question 24

Practice objective / multiple choice question 24 from the 2024 Post Utme Bowen University Accounting examination.

Post Utme Bowen University 2024 Accounting Objective / Multiple Choice
Question 24 POST_UTME_BOWEN_UNIVERSITY • 2024 • ACCOUNTING • objective

A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, and Common Stock ₦150,000. What is the correct journal entry to record the purchase of goods on credit from a supplier?

Answer Options

A. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦120,000
B. Debit Sales Revenue ₦200,000, Credit Common Stock ₦150,000
Correct Answer C. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦120,000
D. Debit Sales Revenue ₦200,000, Credit Accounts Payable ₦50,000
Correct Answer
C
Correct Option:
Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦120,000

About This Question

This is Post Utme Bowen University 2024 Accounting Question 24. It is one of the objective questions from the 2024 Post Utme Bowen University Accounting examination.

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