Post Utme Bsu 2019 Accounting Question 1

Practice objective / multiple choice question 1 from the 2019 Post Utme Bsu Accounting examination.

Post Utme Bsu 2019 Accounting Objective / Multiple Choice
Question 1 POST_UTME_BSU • 2019 • ACCOUNTING • objective

A company's trial balance shows a debit balance of ₦50,000 in the 'Rent Expense' account. However, the company's accounting records show that it has paid ₦60,000 in rent for the year. What is the correct journal entry to correct this error?

Answer Options

Correct Answer A. ₦50,000 debit to 'Rent Expense' and ₦60,000 credit to 'Cash'
B. ₦50,000 credit to 'Rent Expense' and ₦60,000 debit to 'Cash'
C. ₦10,000 debit to 'Rent Expense' and ₦10,000 credit to 'Cash'
D. ₦60,000 debit to 'Rent Expense' and ₦50,000 credit to 'Cash'
Correct Answer
A
Correct Option:
₦50,000 debit to 'Rent Expense' and ₦60,000 credit to 'Cash'

About This Question

This is Post Utme Bsu 2019 Accounting Question 1. It is one of the objective questions from the 2019 Post Utme Bsu Accounting examination.

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