Post Utme Caleb University 2017 Accounting Question 19

Practice objective / multiple choice question 19 from the 2017 Post Utme Caleb University Accounting examination.

Post Utme Caleb University 2017 Accounting Objective / Multiple Choice
Question 19 POST_UTME_CALEB_UNIVERSITY • 2017 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦100,000; sold goods for ₦120,000; and returned goods worth ₦10,000 to the supplier. Prepare the journal entries for these transactions.

Answer Options

A. Debit Purchases ₦100,000, Credit Returns Inwards ₦10,000
B. Debit Sales ₦120,000, Credit Returns Inwards ₦10,000
Correct Answer C. Debit Purchases ₦100,000, Credit Sales ₦120,000
D. Debit Returns Inwards ₦10,000, Credit Purchases ₦100,000
Correct Answer
C
Correct Option:
Debit Purchases ₦100,000, Credit Sales ₦120,000

About This Question

This is Post Utme Caleb University 2017 Accounting Question 19. It is one of the objective questions from the 2017 Post Utme Caleb University Accounting examination.

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