Post Utme Delsu 2019 Accounting Question 7

Practice objective / multiple choice question 7 from the 2019 Post Utme Delsu Accounting examination.

Post Utme Delsu 2019 Accounting Objective / Multiple Choice
Question 7 POST_UTME_DELSU • 2019 • ACCOUNTING • objective

A company has the following transactions: Purchased goods for ₦1,000,000; Sold goods for ₦1,500,000; Purchased equipment for ₦500,000. Prepare the journal entries for these transactions.

Answer Options

Correct Answer A. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000; Debit Equipment = ₦500,000, Credit Cash = ₦500,000
B. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000; Debit Equipment = ₦500,000, Credit Purchases = ₦500,000
C. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000; Debit Equipment = ₦500,000, Credit Sales = ₦500,000
D. Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000; Debit Equipment = ₦500,000, Credit Purchases = ₦500,000
Correct Answer
A
Correct Option:
Debit Purchases = ₦1,000,000, Credit Cash = ₦1,000,000; Debit Sales = ₦1,500,000, Credit Cash = ₦1,500,000; Debit Equipment = ₦500,000, Credit Cash = ₦500,000

About This Question

This is Post Utme Delsu 2019 Accounting Question 7. It is one of the objective questions from the 2019 Post Utme Delsu Accounting examination.

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