Question 29
POST_UTME_COAL_CITY_UNIVERSITY
•
2024
•
ACCOUNTING
•
objective
A company's trial balance showed the following balances: Accounts Payable ₦0,000, Sales Revenue ₦1,500, Cost of Goods Sold ₦0,000, and Common Stock ₦1,000. Prepare a balance sheet for the company.
Answer Options
A.
{
"Assets": {
"Accounts Payable": 100000,
"Cash": 15000,
"Common Stock": 100000
},
"Liabilities": {
"Accounts Payable": 100000
}
}
Correct Answer
B.
{
"Assets": {
"Accounts Payable": 100000,
"Cash": 15000,
"Common Stock": 100000
},
"Liabilities": {
"Accounts Payable": 100000
},
"Equity": {
"Common Stock": 100000
}
}
C.
{
"Assets": {
"Accounts Payable": 100000,
"Cash": 15000,
"Common Stock": 100000
},
"Liabilities": {
"Accounts Payable": 100000
},
"Equity": {
"Common Stock": 100000,
"Retained Earnings": 15000
}
}
D.
{
"Assets": {
"Accounts Payable": 100000,
"Cash": 15000,
"Common Stock": 100000
},
"Liabilities": {
"Accounts Payable": 100000
},
"Equity": {
"Common Stock": 100000,
"Retained Earnings": 15000
},
"Revenue": {
"Sales Revenue": 15000
}
}
Correct Answer
B
Correct Option:
{
"Assets": {
"Accounts Payable": 100000,
"Cash": 15000,
"Common Stock": 100000
},
"Liabilities": {
"Accounts Payable": 100000
},
"Equity": {
"Common Stock": 100000
}
}
About This Question
This is
Post Utme Coal City University
2024
Accounting
Question 29.
It is one of the
objective
questions from the
2024
Post Utme Coal City University
Accounting
examination.