Post Utme Caleb University 2020 Accounting Question 8

Practice objective / multiple choice question 8 from the 2020 Post Utme Caleb University Accounting examination.

Post Utme Caleb University 2020 Accounting Objective / Multiple Choice
Question 8 POST_UTME_CALEB_UNIVERSITY • 2020 • ACCOUNTING • objective

A company's cash book shows a debit balance of ₦5,000 in the account 'Bank'. What is the correct journal entry to rectify this discrepancy?

Answer Options

A. Debit Bank by ₦5,000 and Credit Cash by ₦5,000
Correct Answer B. Debit Cash by ₦5,000 and Credit Bank by ₦5,000
C. Debit Bank by ₦5,000 and Credit Cash by ₦5,000
D. Credit Bank by ₦5,000 and Debit Cash by ₦5,000
Correct Answer
B
Correct Option:
Debit Cash by ₦5,000 and Credit Bank by ₦5,000

About This Question

This is Post Utme Caleb University 2020 Accounting Question 8. It is one of the objective questions from the 2020 Post Utme Caleb University Accounting examination.

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