Post Utme Bowen University 2025 Accounting Question 16

Practice objective / multiple choice question 16 from the 2025 Post Utme Bowen University Accounting examination.

Post Utme Bowen University 2025 Accounting Objective / Multiple Choice
Question 16 POST_UTME_BOWEN_UNIVERSITY • 2025 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. However, the company's accounting records show that it has not received any rent from its tenants. What is the correct journal entry to correct this error?

Answer Options

A. Debit Rent Received ₦15,000, Credit Rent Received ₦15,000
B. Debit Rent Received ₦15,000, Credit Cash ₦15,000
Correct Answer C. Debit Rent Received ₦15,000, Credit Profit or Loss on Adjustment ₦15,000
D. Debit Cash ₦15,000, Credit Rent Received ₦15,000
Correct Answer
C
Correct Option:
Debit Rent Received ₦15,000, Credit Profit or Loss on Adjustment ₦15,000

About This Question

This is Post Utme Bowen University 2025 Accounting Question 16. It is one of the objective questions from the 2025 Post Utme Bowen University Accounting examination.

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