Post Utme Eksu 2019 Accounting Question 39

Practice objective / multiple choice question 39 from the 2019 Post Utme Eksu Accounting examination.

Post Utme Eksu 2019 Accounting Objective / Multiple Choice
Question 39 POST_UTME_EKSU • 2019 • ACCOUNTING • objective

A company uses the double-entry system of accounting. If the company purchases an asset for ₦100,000 and pays ₦20,000 cash, what is the journal entry to record the transaction?

Answer Options

Correct Answer A. Debit Asset ₦100,000, Credit Cash ₦20,000
B. Debit Cash ₦20,000, Credit Asset ₦100,000
C. Debit Asset ₦80,000, Credit Cash ₦20,000
D. Debit Cash ₦80,000, Credit Asset ₦20,000
Correct Answer
A
Correct Option:
Debit Asset ₦100,000, Credit Cash ₦20,000

About This Question

This is Post Utme Eksu 2019 Accounting Question 39. It is one of the objective questions from the 2019 Post Utme Eksu Accounting examination.

View More Post Utme Eksu 2019 Accounting Questions More Post Utme Eksu Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support