Post Utme Delsu 2021 Accounting Question 33

Practice objective / multiple choice question 33 from the 2021 Post Utme Delsu Accounting examination.

Post Utme Delsu 2021 Accounting Objective / Multiple Choice
Question 33 POST_UTME_DELSU • 2021 • ACCOUNTING • objective

A company uses the double-entry system of accounting. If the company purchases an asset for ₦500,000 and pays ₦200,000 in cash, what is the journal entry to record the purchase?

Answer Options

Correct Answer A. Debit Asset ₦500,000, Credit Cash ₦200,000
B. Debit Cash ₦500,000, Credit Asset ₦200,000
C. Debit Asset ₦200,000, Credit Cash ₦500,000
D. Debit Cash ₦200,000, Credit Asset ₦500,000
Correct Answer
A
Correct Option:
Debit Asset ₦500,000, Credit Cash ₦200,000

About This Question

This is Post Utme Delsu 2021 Accounting Question 33. It is one of the objective questions from the 2021 Post Utme Delsu Accounting examination.

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