Post Utme Coal City University 2019 Accounting Question 25

Practice objective / multiple choice question 25 from the 2019 Post Utme Coal City University Accounting examination.

Post Utme Coal City University 2019 Accounting Objective / Multiple Choice
Question 25 POST_UTME_COAL_CITY_UNIVERSITY • 2019 • ACCOUNTING • objective

A company's trial balance as of December 31, 2022, is as follows: Debit: ₦100,000; Credit: ₦120,000. What is the correct journal entry to record the correction of the error?

Answer Options

Correct Answer A. ₦20,000 debit to Cash and ₦20,000 credit to Profit or Loss on Correction of Errors
B. ₦20,000 credit to Cash and ₦20,000 debit to Profit or Loss on Correction of Errors
C. ₦20,000 debit to Profit or Loss on Correction of Errors and ₦20,000 credit to Cash
D. ₦20,000 credit to Profit or Loss on Correction of Errors and ₦20,000 debit to Cash
Correct Answer
A
Correct Option:
₦20,000 debit to Cash and ₦20,000 credit to Profit or Loss on Correction of Errors

About This Question

This is Post Utme Coal City University 2019 Accounting Question 25. It is one of the objective questions from the 2019 Post Utme Coal City University Accounting examination.

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