Post Utme Bowen University 2024 Accounting Question 40

Practice objective / multiple choice question 40 from the 2024 Post Utme Bowen University Accounting examination.

Post Utme Bowen University 2024 Accounting Objective / Multiple Choice
Question 40 POST_UTME_BOWEN_UNIVERSITY • 2024 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦500,000 on credit; Sold goods for ₦800,000 on credit; Purchased equipment for ₦200,000 in cash. Prepare the journal entries for the above transactions.

Answer Options

A. Debit Purchases ₦500,000, Credit Accounts Payable ₦500,000
B. Debit Sales ₦800,000, Credit Accounts Receivable ₦800,000
Correct Answer C. Debit Equipment ₦200,000, Credit Cash ₦200,000
D. Debit Purchases ₦500,000, Credit Cash ₦500,000
Correct Answer
C
Correct Option:
Debit Equipment ₦200,000, Credit Cash ₦200,000

About This Question

This is Post Utme Bowen University 2024 Accounting Question 40. It is one of the objective questions from the 2024 Post Utme Bowen University Accounting examination.

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