Post Utme Coal City University 2018 Accounting Question 23

Practice objective / multiple choice question 23 from the 2018 Post Utme Coal City University Accounting examination.

Post Utme Coal City University 2018 Accounting Objective / Multiple Choice
Question 23 POST_UTME_COAL_CITY_UNIVERSITY • 2018 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦200,000; sold goods for ₦250,000; and returned goods worth ₦20,000 to the supplier. Prepare the journal entry for the above transactions.

Answer Options

A. Debit Purchases ₦200,000, Credit Returns Inwards ₦20,000
B. Debit Sales ₦250,000, Credit Purchases ₦200,000
C. Debit Returns Inwards ₦20,000, Credit Purchases ₦220,000
Correct Answer D. Debit Purchases ₦220,000, Credit Returns Inwards ₦20,000
Correct Answer
D
Correct Option:
Debit Purchases ₦220,000, Credit Returns Inwards ₦20,000

About This Question

This is Post Utme Coal City University 2018 Accounting Question 23. It is one of the objective questions from the 2018 Post Utme Coal City University Accounting examination.

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