Post Utme Crawford University 2023 Accounting Question 8

Practice objective / multiple choice question 8 from the 2023 Post Utme Crawford University Accounting examination.

Post Utme Crawford University 2023 Accounting Objective / Multiple Choice
Question 8 POST_UTME_CRAWFORD_UNIVERSITY • 2023 • ACCOUNTING • objective

A company has the following control account balances: Purchases Control Account ₦100,000, Sales Control Account ₦150,000, and Returns Control Account ₦20,000. What is the correct journal entry to close the control accounts?

Answer Options

Correct Answer A. ₦120,000 debit to Purchases Control Account and ₦120,000 credit to Sales Control Account
B. ₦120,000 credit to Purchases Control Account and ₦120,000 debit to Sales Control Account
C. ₦120,000 debit to Purchases Control Account and ₦120,000 credit to Returns Control Account
D. ₦120,000 credit to Purchases Control Account and ₦120,000 debit to Returns Control Account
Correct Answer
A
Correct Option:
₦120,000 debit to Purchases Control Account and ₦120,000 credit to Sales Control Account

About This Question

This is Post Utme Crawford University 2023 Accounting Question 8. It is one of the objective questions from the 2023 Post Utme Crawford University Accounting examination.

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